TITLE 45
Towns and cities
CHAPTER 45-12
Indebtedness of Towns and Cities
SECTION 45-12-22.4
§ 45-12-22.4 Deficit, pension and other
post-employment benefit financing Approval required.
(a) Except as provided in chapter 45-9 of the general laws, no municipality
shall sell a long-term bond in order to fund a deficit or to fund pension
obligations or other post-employment benefits without prior approval by the
state auditor general and director of the state department of revenue.
(b) If any provision of this section or the application
thereof shall for any reason be judged invalid, that judgment shall not affect,
impair or invalidate the remainder of the law, but shall be confined in its
effect to the provisions or application directly involved in the controversy
giving rise to the judgment.
History of Section.
(P.L. 2003, ch. 54, § 2; P.L. 2003, ch. 66, § 2; P.L. 2008, ch. 98,
§ 58; P.L. 2008, ch. 145, § 58; P.L. 2011, ch. 269, § 1; P.L.
2011, ch. 277, § 1.)
