Rhode Island § 45-27-20 § 45-27-20. Security for deposits by authority.

Rhode Island Statutes

§ 45-27-20 — § 45-27-20. Security for deposits by authority.

Rhode Island·Title 45 Towns and cities·Ch. 45-27 Housing Authority Bonds and Obligations

§ 45-27-20. Security for deposits by authority.
The authority may by resolution provide that:
(1) All moneys deposited by it are secured by obligations of the United States or of the
            state, of a market value equal at all times to the amount of the deposits, or
         
(2) By any securities in which savings banks may legally invest funds within their control
            or by an undertaking with sureties approved by the authority, faithfully to keep and
            pay over, upon the order of the authority, those deposits and agreed interest. All
            banks and trust companies are authorized to give security for those depos

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§ 45-27-20. Security for deposits by authority.

The authority may by resolution provide that:

(1) All moneys deposited by it are secured by obligations of the United States or of the state, of a market value equal at all times to the amount of the deposits, or

(2) By any securities in which savings banks may legally invest funds within their control or by an undertaking with sureties approved by the authority, faithfully to keep and pay over, upon the order of the authority, those deposits and agreed interest. All banks and trust companies are authorized to give security for those deposits.

Rhode Island § 45-27-20 (§ 45-27-20. Security for deposits by authority.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.