§ 46-25-38 — § 46-25-38. Proceeds: Narragansett Bay water quality management district commission fund.

§ 46-25-38. Proceeds: Narragansett Bay water quality management district commission fund.

The general treasurer is hereby directed to deposit the proceeds of the sale of the bonds, including any premium or premiums and any accrued interest which may be received from the sale thereof, in one or more of the depositories in which the funds of the state may be lawfully kept, in the account to be known as "Narragansett Bay water quality management district commission fund�, to be used as follows:

(1) For the project within the district;

(2) As prescribed in § 46-25-42, in the case of premiums or accrued interest,

(3) In the event that the amount received from the sale of the bonds exceeds the amount necessary for the planning, construction, extension, and improvement of the project, the surplus shall be used to the extent possible to retire the bonds as they may become due,

(4) Provided, however, that six million dollars ($6,000,000) of the proceeds of the fund may be utilized for the purposes of the Blackstone Valley sewer district and an additional nine million dollars ($9,000,000) of the proceeds may be utilized for the purposes of the Pawtuxet River district commission.

Legislative History

P.L. 1980, ch. 342, § 1; P.L. 1990, ch. 434, art. 2, § 2.