§ 35-10-13 — § 35-10-13. Reinvestments directed at job retention and creation.

§ 35-10-13. Reinvestments directed at job retention and creation.

Consistent with the investment criteria set forth in §§ 35-10-6, 35-10-11, and 35-10-12, the commission is specifically authorized to invest state funds or pension funds in investments which are intended to retain or create jobs in the New England region, but with priority given among the investments to the retention and creation of jobs in the state of Rhode Island. Notwithstanding the investment limitations set forth in §§ 35-10-6 and 35-10-11, the commission may in any particular case prescribe the following variations in these investment limitations when it shall deem it appropriate in view of the exigencies of the case and in order to carry out the intent and purpose of this section: (1) direct or indirect mortgage or collateral loans for projects or businesses; or (2) direct or equity interests in real estate, projects, or businesses; provided, that the total amount of all these loans or investments do not exceed at the time of making the loan and/or investment five percent (5%) of the total funds which are under the jurisdiction of the commission and which are subject to its statement of investment objectives and guidelines; and further provided, that investments made under this section shall be made in accordance with the prudent person standard set forth in this chapter.

Legislative History

P.L. 1985, ch. 336, § 1; P.L. 1990, ch. 244, § 1.