§ 46-25-18. Receipt and deposit of federal funds.
(a) All moneys paid to the commission by the federal government for the purpose of executing
the project shall be received by the executive director of the commission and applied
in the following order of priority:
(1) For the payment of debt service on, or the recall, or the redemption of bonds and
notes issued by the state in anticipation of the federal project payments; or
(2) If no bonds or notes of the state issued in anticipation of federal project payments
are outstanding, then the moneys shall be deposited in the
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§ 46-25-18. Receipt and deposit of federal funds.
(a) All moneys paid to the commission by the federal government for the purpose of executing
the project shall be received by the executive director of the commission and applied
in the following order of priority:
(1) For the payment of debt service on, or the recall, or the redemption of bonds and
notes issued by the state in anticipation of the federal project payments; or
(2) If no bonds or notes of the state issued in anticipation of federal project payments
are outstanding, then the moneys shall be deposited in the fund to be used for the
purposes for which the federal government granted the moneys.
(b) To the extent permitted by federal law, any federal funds or assistance to the state
of Rhode Island in any one federal fiscal year for sewer projects funded under the
Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq., as amended, for fiscal years commencing October 1, 1982, and thereafter,
shall be allocated so that fifty percent (50%) of the federal funds or assistance
so received shall be assigned to this project; provided, however, that more than fifty
percent (50%) of the federal funds may be assigned to this project if the remaining
fifty percent (50%) is not fully obligated for other projects in the state of Rhode
Island outside the district.