Rhode Island § 35-8-28 § 35-8-28. Interest earnings on state bonded indebtedness — Federal requirements.

Rhode Island Statutes

§ 35-8-28 — § 35-8-28. Interest earnings on state bonded indebtedness — Federal requirements.

Rhode Island § 35-8-28

Title 35Public Finance

Ch. 35-8Bonded Indebtedness of State

This text of Rhode Island § 35-8-28 (§ 35-8-28. Interest earnings on state bonded indebtedness — Federal requirements.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 35-8-28 (2026).

Text

§ 35-8-28. Interest earnings on state bonded indebtedness — Federal requirements.
Notwithstanding any general or public law or rule to the contrary, income from investments
            in the capital development fund may be applied to capital purposes and shall not become
            part of the general fund of the state to the extent necessary to exempt (in whole
            or in part) the interest paid on such bonds or notes from federal taxation, to preserve
            and maintain any federal tax credits associated with such bonds or notes, or to preserve
            or maintain any refundable tax credits paid or to be paid to the state with regard
            to such bonds or notes.
         

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§ 35-8-28. Interest earnings on state bonded indebtedness — Federal requirements.

Notwithstanding any general or public law or rule to the contrary, income from investments in the capital development fund may be applied to capital purposes and shall not become part of the general fund of the state to the extent necessary to exempt (in whole or in part) the interest paid on such bonds or notes from federal taxation, to preserve and maintain any federal tax credits associated with such bonds or notes, or to preserve or maintain any refundable tax credits paid or to be paid to the state with regard to such bonds or notes.