§ 45-50-3. Legislative findings - Applicability of chapter - Resolution of need required for authority to function. (a) It is declared that a need exists to authorize all municipalities which issue significant amounts of general obligation debt or which have large operating budgets to possess powers enabling the implementation of alternative financing techniques.

(b) This chapter applies to any municipality which has during the three (3) calendar years preceding adoption of the resolution provided for in subsection (d);

(1) Issued in the aggregate in excess of sixty million dollars ($60,000,000) in general obligation debt (excluding tax and revenue anticipation debt and long term advanced refunding bonds); or

(2) Had an annual operating budget in excess of thirty-nine million dollars ($39,000,000).

(c) This chapter also applies to any municipality that has been expressly authorized by public law to approve the establishment of such an authority for the purposes of undertaking projects, as defined by this chapter, within a specified district of the municipality.

(d) The authority of any city or town shall not transact any business or exercise any powers under this chapter, unless and until the city or town council, by resolution, declares, at any time, that there is need for an authority to function in the city or town, and the public finance management board, created by § 42-10.1-1, shall, by resolution, approve the creation of each authority. Neither the state nor the public finance management board shall have any liability as a result of the performance of the duty or exercise of the power described in this chapter.

(e) Any authority created under this chapter is subject to the provisions of chapter 2 of title 38 ("Access to Public Records") and chapter 46 of title 42 ("Open Meetings") and, in addition, the members of the authority are subject to the provisions of chapter 14 of title 36 ("Code of Ethics").

History of Section. (P.L. 1987, ch. 475, § 1; P.L. 1989, ch. 466, § 1; P.L. 2003, ch. 344, § 5; P.L. 2003, ch. 345, § 5.)