Rhode Island § 35-22-4 - Private Activity Bond Approval Act

§ 35-22-4. Qualification for facility requiring host approval.

(a) Host approval shall not be granted unless and until the governor has received the items and information listed in subsection (b) of this section and has issued an approval as set forth in subsection (c) of this section.

(b) The following items and information must be received by the governor:

(1) A copy of the notice of public hearing pertaining to the facilities;

(2) Minutes or another official record of the public hearing;

(3) The maximum stated principal amount of the bonds;

(4) A description of the facility, including its location;

(5) A description of the plan of finance;

(6) The name of the issuer of the bonds; and

(7) The name of the initial owner or principal user of the facility.

(c) If, and only if, the governor determines that the facility, its financing in accordance with the plan, and the items and information submitted under subsection (b) of this section are consistent with the laws and public policy of the state and are in the best interest of the state, then the governor shall issue a written approval under this section authorizing the governmental unit to grant its host approval in its discretion.