§ 42-64.1-5. Economic development assistance fund.
(a) The proceeds of the bonds described in part I of P.L. 1979, Chapter 157 shall be deposited
by the Rhode Island economic development corporation in a special account to be designated
"Rhode Island economic development assistance fund of 1979� (the "bond fund�) to be
used from time to time to pay the costs of acquiring land and facilities thereon and
carrying out economic development project plans for the development of those sites
for sale or lease to, and use by private industry or business, or to discharge any
indebtedness incurred by the Rhode Island economic development corporation in connection
with any of the foregoing activities.
(b) Payments received by the Rhode Island economic development corporation as lease rentals
or the purchase price of the land and improvements shall be deposited in the bond
fund and used by the Rhode Island economic development corporation from time to time,
on a revolving basis to pay the expenses of the lease or sale of the land and improvements,
to acquire additional land and improvements, to be developed for sale or lease in
the same manner and to the same extent as described above, or to discharge indebtedness
incurred by the Rhode Island economic development corporation in connection with the
acquisition of land and improvements for development for sale or lease in accordance
with the provisions hereof.
(c) All moneys in the bond fund, whether proceeds from the sale of bonds or notes described
in part I of P.L. 1979, Chapter 157, or revenues, receipts, or income from the sale
or lease of projects, or investment income shall be trust funds to be used and applied
solely as provided in this chapter, the Rhode Island Economic Development Corporation
Act, chapter 64 of this title, and in the proceedings of the Rhode Island economic
development corporation taken pursuant thereto, and shall not be pledged, assigned,
hypothecated, or otherwise encumbered for any other purpose whatsoever.
(d) Upon determination by the Rhode Island economic development corporation that the continued
operation of the bond fund is no longer feasible, or upon termination of the existence
of the Rhode Island economic development corporation, all moneys in the bond fund
and rights relating thereto, and all properties acquired with the proceeds, shall
pass to and be vested in the state.
(e) In connection therewith, the operation of the bond fund, including the investment
and reinvestment of moneys therein, the disposition of moneys for carrying out economic
development projects, and the sale or lease of land and improvements to industrial
and business users, shall be governed by the proceedings of the Rhode Island economic
development corporation pursuant to the provisions of the Rhode Island Economic Development
Corporation Act, chapter 64 of this title. In this regard powers granted to the Rhode
Island economic development corporation by this chapter shall be regarded as supplemental
and in addition to the powers conferred by other laws, including, but not limited
to, the Rhode Island Economic Development Corporation Act, chapter 64 of this title.