§ 35-24-2. Establishment.
(a) There is hereby established the Rhode Island baby bond trust. The trust shall constitute
an instrumentality of the state and shall perform essential governmental functions
as provided under the provisions of this chapter. The trust shall receive and hold
all payments and deposits or contributions intended for the trust, as well as gifts,
bequests, endowments, or federal, state, or local grants and any other funds from
any public or private source and all earnings until disbursed in accordance with § 35-24-7.
(b) The amounts on deposit in the trust shall not constitute property
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§ 35-24-2. Establishment.
(a) There is hereby established the Rhode Island baby bond trust. The trust shall constitute
an instrumentality of the state and shall perform essential governmental functions
as provided under the provisions of this chapter. The trust shall receive and hold
all payments and deposits or contributions intended for the trust, as well as gifts,
bequests, endowments, or federal, state, or local grants and any other funds from
any public or private source and all earnings until disbursed in accordance with § 35-24-7.
(b) The amounts on deposit in the trust shall not constitute property of the state and
the trust shall not be construed to be a department, institution, or agency of the
state. Amounts on deposit in the trust shall not be commingled with state funds and
the state shall have no claim to or against, or interest in, such funds. Any contract
entered into by, or any obligation of, the trust shall not constitute a debt or obligation
of the state and the state shall have no obligation to any designated beneficiary
or any other person on account of the trust and all amounts obligated to be paid from
the trust shall be limited to amounts available for such obligation on deposit in
the trust. The amounts on deposit in the trust may only be disbursed in accordance
with the provisions of this chapter. The trust shall continue in existence as long
as it holds any deposits or has any obligations and until its existence is terminated
by law. Upon termination, any unclaimed assets shall return to the state.
(c) The general treasurer shall be responsible for the receipt, maintenance, administration,
investigation, and disbursements from the trust. The trust shall not receive deposits
in any form other than cash.