State Codes and Statutes
Statutes > Rhode-island > Title-45 > Chapter-45-33 > 45-33-3SECTION 45-33-3
§ 45-33-3 Abolition of revolving fund.– The legislative body of any community may abolish the redevelopment revolvingfund whenever it finds that the purposes for which the fund was establishedhave been accomplished. At the time of abolishing the fund, the legislativebody shall transfer all moneys in the fund to the general obligation bondredemption fund, and shall provide that all moneys thereafter deposited orredeposited in the redevelopment revolving fund are deposited in the generalobligation or revenue bond redemption fund. Any surplus existing in the generalobligation or revenue bond redemption fund after payment of principal andinterest shall be transferred to the general fund of the community.
