§ 42-17.5-3 Natural heritage preservationrevolving fund. – (a) There is hereby created as a separate fund within the treasury the "naturalheritage preservation revolving fund" which shall be administered by thegeneral treasurer in accordance with the same laws and fiscal procedures as thegeneral funds of the state. The fund shall consist of such sums as the statemay from time to time appropriate, as well as monies received from the federalgovernment, gifts, bequests, donations, or otherwise from any public or privatesource, which monies are intended to implement and encourage preservation ofproperties which possess scenic, natural, and ecological value.
(b) All monies placed in the natural heritage revolving fundshall be made available for the following purposes:
(1) To make loans to nonprofit conservation foundations,cities, towns, or public or private land trusts for the purpose of acquiringproperty worthy of preservation.
(2) To make loans or otherwise provide a source of equitycapital for preservation of open land resources consistent with the purposes ofthis chapter.
(c) Loans made under the provisions of this section may bemade directly, or in cooperation with other lenders or any agency, department,or bureau of the federal government or state of Rhode Island. The proceedsreceived from the repayment of any loans made from this fund shall be depositedin and returned to the natural heritage revolving fund, to constitute acontinuing revolving fund for the purposes listed above.
§ 42-17.5-3 Natural heritage preservationrevolving fund. – (a) There is hereby created as a separate fund within the treasury the "naturalheritage preservation revolving fund" which shall be administered by thegeneral treasurer in accordance with the same laws and fiscal procedures as thegeneral funds of the state. The fund shall consist of such sums as the statemay from time to time appropriate, as well as monies received from the federalgovernment, gifts, bequests, donations, or otherwise from any public or privatesource, which monies are intended to implement and encourage preservation ofproperties which possess scenic, natural, and ecological value.
(b) All monies placed in the natural heritage revolving fundshall be made available for the following purposes:
(1) To make loans to nonprofit conservation foundations,cities, towns, or public or private land trusts for the purpose of acquiringproperty worthy of preservation.
(2) To make loans or otherwise provide a source of equitycapital for preservation of open land resources consistent with the purposes ofthis chapter.
(c) Loans made under the provisions of this section may bemade directly, or in cooperation with other lenders or any agency, department,or bureau of the federal government or state of Rhode Island. The proceedsreceived from the repayment of any loans made from this fund shall be depositedin and returned to the natural heritage revolving fund, to constitute acontinuing revolving fund for the purposes listed above.
§ 42-17.5-3 Natural heritage preservationrevolving fund. – (a) There is hereby created as a separate fund within the treasury the "naturalheritage preservation revolving fund" which shall be administered by thegeneral treasurer in accordance with the same laws and fiscal procedures as thegeneral funds of the state. The fund shall consist of such sums as the statemay from time to time appropriate, as well as monies received from the federalgovernment, gifts, bequests, donations, or otherwise from any public or privatesource, which monies are intended to implement and encourage preservation ofproperties which possess scenic, natural, and ecological value.
(b) All monies placed in the natural heritage revolving fundshall be made available for the following purposes:
(1) To make loans to nonprofit conservation foundations,cities, towns, or public or private land trusts for the purpose of acquiringproperty worthy of preservation.
(2) To make loans or otherwise provide a source of equitycapital for preservation of open land resources consistent with the purposes ofthis chapter.
(c) Loans made under the provisions of this section may bemade directly, or in cooperation with other lenders or any agency, department,or bureau of the federal government or state of Rhode Island. The proceedsreceived from the repayment of any loans made from this fund shall be depositedin and returned to the natural heritage revolving fund, to constitute acontinuing revolving fund for the purposes listed above.
