§ 42-95-3 - Investment of monies in fund. - Rhode-island Statutes

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Statutes > Rhode-island > Title-42 > Chapter-42-95 > 42-95-3

SECTION 42-95-3

§ 42-95-3 Investment of monies in fund.– All monies in the fund not immediately required for payment pursuant to theprovisions of this chapter may be invested by the investment commission, asestablished by chapter 10 of title 35; provided, however, that the securitiesin which the fund is invested shall remain a part of the fund until exchangedfor other securities; and provided, further, that the income from theinvestments shall remain a part of the fund and shall be used to reimburse theRhode Island economic development corporation for interest incurred on behalfof the project for borrowing(s) for:

(1) Purchase of state property pursuant to §37-7.1-1(b); and

(2) Purchase of city of Providence property pursuant to theprovisions of the agreement(s) between the city and the state.

State Codes and Statutes

Statutes > Rhode-island > Title-42 > Chapter-42-95 > 42-95-3

SECTION 42-95-3

§ 42-95-3 Investment of monies in fund.– All monies in the fund not immediately required for payment pursuant to theprovisions of this chapter may be invested by the investment commission, asestablished by chapter 10 of title 35; provided, however, that the securitiesin which the fund is invested shall remain a part of the fund until exchangedfor other securities; and provided, further, that the income from theinvestments shall remain a part of the fund and shall be used to reimburse theRhode Island economic development corporation for interest incurred on behalfof the project for borrowing(s) for:

(1) Purchase of state property pursuant to §37-7.1-1(b); and

(2) Purchase of city of Providence property pursuant to theprovisions of the agreement(s) between the city and the state.

State Codes and Statutes

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State Codes and Statutes

Statutes > Rhode-island > Title-42 > Chapter-42-95 > 42-95-3

SECTION 42-95-3

§ 42-95-3 Investment of monies in fund.– All monies in the fund not immediately required for payment pursuant to theprovisions of this chapter may be invested by the investment commission, asestablished by chapter 10 of title 35; provided, however, that the securitiesin which the fund is invested shall remain a part of the fund until exchangedfor other securities; and provided, further, that the income from theinvestments shall remain a part of the fund and shall be used to reimburse theRhode Island economic development corporation for interest incurred on behalfof the project for borrowing(s) for:

(1) Purchase of state property pursuant to §37-7.1-1(b); and

(2) Purchase of city of Providence property pursuant to theprovisions of the agreement(s) between the city and the state.