§ 42-10.1-3. Allocation of statewide financing limitation. (a) The eighty-seven million four thousand dollars ($87,004,000) in total recovery zone economic development bond volume cap allocations granted to the five (5) counties of the State of Rhode Island by the United States Secretary of the Treasury pursuant to 26 U.S.C. §§ 1400U-1 and 1400U-2 of the Internal Revenue Code are hereby ceded to the State of Rhode Island for use by the state in connection with the issuance of general obligation bonds of the state.

(b) The one hundred thirty million five hundred four thousand dollars ($130,504,000) in total recovery zone facility bond volume cap allocations granted to the five (5) counties of the State of Rhode Island by the United States Secretary of the Treasury pursuant to 26 U.S.C. §§ 1400U-1 and 1400U-3 are hereby ceded to the public finance management board for subsequent allocation by the board in accordance with rules and regulations to be promulgated by the board in accordance with the Administrative Procedures Act, Chapter 35 of this title.

(c) The ten million nine hundred one thousand dollars ($10,901,000) in total qualified energy conservation bond volume cap allocation granted to the State of Rhode Island by the Secretary of the Treasury pursuant to 26 U.S.C. § 54D of the Internal Revenue Code is hereby allocated to the board for subsequent allocations by the board in accordance with rules and regulations to be promulgated by the board in accordance with the Administrative Procedures Act, Chapter 35 of this title, provided, however, that the City of Providence shall be allocated by the board no less than its portion as provided in 26 U.S.C. § 54D(e)(2)(A) of the Internal Revenue Code unless the City of Providence determines that the board may further reallocate such portion to other bond issuers.

(d) The general assembly hereby finds, declares and designates the entire State of Rhode Island as a "recovery zone" meeting the standards referenced in 26 U.S.C. § 1400U-1(b)(1) of the Internal Revenue Code, given the significant unemployment, rate of foreclosures, or general distress present throughout the State of Rhode Island, and particularly given the geographic compactness of the state and the resultant interrelated nature of economic conditions and activities within the state as a whole.

(e) The board is hereby authorized to allocate tax exempt and taxable bond issuance capacity and/or federal tax credits among all issuers in the state of Rhode Island, pursuant to 26 U.S.C. § 103, 26 U.S.C. § 145, or pursuant to 26 U.S.C. §§ 1400U-1, 1400U-2, 1400U-3, 54D and any similar federal legislation heretofore or hereinafter enacted. The allocations of tax exempt and taxable bond issuance capacity and/or federal tax credits shall be pursuant to rules and regulations to be promulgated by the board in accordance with the Administrative Procedures Act, chapter 35 of this title.

History of Section. (P.L. 1986, ch. 477, § 1; P.L. 2010, ch. 7, § 2.)