§ 42-95-3 — § 42-95-3. Investment of monies in fund.

Rhode Island § 42-95-3

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-95: Providence River Relocation — Memorial Boulevard Extension Project

Text

§ 42-95-3. Investment of monies in fund.

All monies in the fund not immediately required for payment pursuant to the provisions of this chapter may be invested by the investment commission, as established by chapter 10 of title 35; provided, however, that the securities in which the fund is invested shall remain a part of the fund until exchanged for other securities; and provided, further, that the income from the investments shall remain a part of the fund and shall be used to reimburse the Rhode Island economic development corporation for interest incurred on behalf of the project for borrowing(s) for:

(1) Purchase of state property pursuant to § 37-7.1-1(b); and

(2) Purchase of city of Providence property pursuant to the provisions of the agreement(s) between the city and the state.

Legislative History

P.L. 1985, ch. 368, § 2.