§ 42-116-11 — § 42-116-11. Payment of state funds — Agreement between corporation and department.

Rhode Island § 42-116-11

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-116: Rhode Island Depositors Economic Protection Corporation

Text

§ 42-116-11. Payment of state funds — Agreement between corporation and department.

(a) Subject to the provisions of subsection (b), upon the written request of the corporation, the general treasurer of the state shall pay to the corporation from time to time the proceeds of any bonds or notes issued by the state for the purposes of this chapter, any appropriations of the state made for the benefit of the corporation, or any other funds lawfully payable by the state to the corporation, or any revenues dedicated to corporate purposes.

(b) The executive director of the corporation, with the approval of the board and the governor on behalf of the state, may enter into, execute, and deliver one or more agreements with the corporation setting forth or otherwise determining the terms, conditions and procedures for, and the amount, time, and manner of payment of, all amounts available from the state to the corporation under this section. The agreement or agreements may include any covenants and undertakings of the state and the corporation that the governor and the corporation deem reasonable.

Legislative History

P.L. 1991, ch. 3, § 4.