State Codes and Statutes
Statutes > Rhode-island > Title-46 > Chapter-46-15-1 > 46-15-1-8SECTION 46-15.1-8
§ 46-15.1-8 Funds. – (a) Except as otherwise provided by the board, the funds of the board underthis chapter shall be in the custody of the treasurer of the board. The fiscalyear of the board under this chapter shall end on June 30 of each calendaryear. All payments by the board under this chapter shall be made solely fromthe funds derived by the board from the exercise of its powers under thischapter. Payments to the state hereunder, in the nature of current expenses,shall be a first charge on the revenues of the project or projects to which thepayments relate, and on such other funds as may be available hereunder to paythe current expenses of the project or projects. Payments to the statehereunder in the nature of capital costs shall be a first charge on theproceeds of bonds or notes issued by the board to finance the project orprojects to which the payments relate, and on such other funds as may beavailable hereunder to pay the capital costs of the project or projects. A saleshall not be made by the state to the board under § 46-15.1-6 unless thenecessary funds are available to pay the purchase price upon the conveyance.
(b) The board may expend for any corporate purpose hereundersuch sums as may be advanced to the board for the purpose by the state or byany city, town, district, or other municipal or quasi municipal or public orprivate corporation or company engaged in the water supply business, and eachof those entities (other than the state) is authorized to make advances to theboard in connection with any project or proposed project in which it isinterested. Each advance by the state shall be repaid as provided in theforegoing paragraph. Each advance by any other entity shall be repaid to theextent and subject to the terms specified in or otherwise agreed at the time ofthe advance.
