§ 24-18-4 — § 24-18-4. Establishment of the municipal road and bridge revolving fund.

§ 24-18-4. Establishment of the municipal road and bridge revolving fund.

(a) There is hereby established a municipal road and bridge revolving fund. The agency shall establish and set up on its books the revolving fund, to be held in trust and to be administered by the agency solely as provided in this chapter and in any trust agreement securing bonds of the agency. The agency shall deposit the following monies into the fund:

(1) Amounts appropriated or designated to the agency by the state for the purposes of this chapter;

(2) Loan repayments and other payments received by the agency pursuant to loan agreements with cities and towns executed in accordance with this chapter;

(3) Investment earnings on amounts credited to the fund;

(4) Proceeds of bonds of the agency to the extent required by any trust agreement for such bonds;

(5) Administrative fees levied by the agency;

(6) Other amounts required by provisions of this chapter or agreement, or any other law or any trust agreement pertaining to bonds to be credited to the revolving fund; and

(7) Any other funds permitted by law which the agency in its discretion shall determine to credit thereto.

(b) The agency shall establish and maintain fiscal controls and accounting procedures conforming to generally accepted government accounting standards sufficient to ensure proper accounting for receipts in and disbursements from the revolving fund.

Legislative History

P.L. 2013, ch. 144, art. 20, § 1.