§ 45-67-13. Money of the utility district.
(a) All money of the utility district, from whatever source derived, shall be paid to
the treasurer of the utility district. The money on receipt shall be deposited forthwith
in a separate bank account or accounts. The money in the accounts shall be paid out
with a check of the treasurer, on requisition by the utility district, or of any other
person or persons that the utility district may authorize to make the requisitions.
All deposits of money shall be secured by obligations of the United States or of the
state, of a market value at all times not less than the amount of deposits, and all
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§ 45-67-13. Money of the utility district.
(a) All money of the utility district, from whatever source derived, shall be paid to
the treasurer of the utility district. The money on receipt shall be deposited forthwith
in a separate bank account or accounts. The money in the accounts shall be paid out
with a check of the treasurer, on requisition by the utility district, or of any other
person or persons that the utility district may authorize to make the requisitions.
All deposits of money shall be secured by obligations of the United States or of the
state, of a market value at all times not less than the amount of deposits, and all
banks and trust companies are authorized to give security for the deposits. The utility
district shall have the power, notwithstanding the provisions of this section, to
contract with the holders of any of its bonds as to the custody, collection, security,
investment, and payment of any money of the authority, or any money held in trust
or otherwise for the payment of bonds or in any way to secure the bonds, and to carry
out any contract. Money held in trust or otherwise for the payment of bonds or in
any way to secure bonds and deposits of money may be secured in the same manner as
the money of the authority, and all banks and trust companies are authorized to give
security for the deposits.
(b) Notwithstanding subsection (a) of this section, or any other provision of this chapter,
the board of utility commissioners shall have the power to authorize, by resolution,
a loan or advance from one utility fund of the utility district to another. Any such
interfund advance or loan shall be for a term specified in the authorizing resolution
of the board of utility commissioners and shall bear interest at a rate reasonably
determined by the board of utility commissioners to be consistent with the public
interest implicated in all funds involved in the interfund loan or advance; provided,
however, that an interest rate set at the rate applicable to the utility district's
most recent borrowing from a bank or other financial institution shall be presumptively
reasonable as the rate of interest for an interfund loan or advance.