§ 45-54-19 — § 45-54-19. Capital reserves.

Rhode Island § 45-54-19

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-54: Municipal Detention Facility Corporations

Text

§ 45-54-19. Capital reserves.

To assure the continued operation and solvency of the corporation for the carrying out of its corporate purposes, the corporation may create and establish one or more special funds ( referred to as "capital reserve funds� in this chapter), and may pay into each capital reserve fund:

(1) Any monies appropriated and made available by the state for the purpose of the fund;

(2) Proceeds from the sale of notes or bonds to the extent provided in the resolution or resolutions of the corporation authorizing their issuance; and

(3) Any other moneys that may be made available to the corporation, for the purpose of the fund, from any other source.

Legislative History

P.L. 1991, ch. 421, § 1.