Rhode Island § 45-41-4 § 45-41-4. Investment of fund.

Rhode Island Statutes

§ 45-41-4 — § 45-41-4. Investment of fund.

Rhode Island·Title 45 Towns and cities·Ch. 45-41 Self Insuring Fund

§ 45-41-4. Investment of fund.
(a) Moneys in the funds currently not needed to meet expenses and obligations of self
            insurance shall be deposited in a depository bank as designated by the city or town
            councils to the credit of the funds or may be invested by the city or town treasurers,
            with the approval of the city or town councils, in savings accounts or certificates
            of commercial or savings banks or trust companies, or in obligations of the United
            States or its agencies, or in any other short term investments, as would be made by
            prudent men or women of discretion and intelligence.
         
(b) Invest

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§ 45-41-4. Investment of fund.

(a) Moneys in the funds currently not needed to meet expenses and obligations of self insurance shall be deposited in a depository bank as designated by the city or town councils to the credit of the funds or may be invested by the city or town treasurers, with the approval of the city or town councils, in savings accounts or certificates of commercial or savings banks or trust companies, or in obligations of the United States or its agencies, or in any other short term investments, as would be made by prudent men or women of discretion and intelligence.

(b) Investment earnings of the funds are deemed receipts and become assets of the funds subject to the nonlapsing, revolving provisions of § 45-41-3.

Rhode Island § 45-41-4 (§ 45-41-4. Investment of fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.