§ 16-32-28 - Management of rotary fund. - Rhode Island Statutes

SECTION 16-32-28

   § 16-32-28  Management of rotary fund.– The general treasurer shall have the care and management of each fundestablished pursuant to 16-32-27 with full power to regulate the custody andsafekeeping of all money and evidences of property belonging to it. The generaltreasurer shall deposit, subject to his or her order, to the use of each fund,all dividends, interest, or income arising from it, in any bank or banks, trustcompany, or trust companies, in which funds of the state may be lawfully kept.The general treasurer may invest and reinvest in his or her discretion themoney in each fund at any time and the dividends, interest, and income in anysecurities or investments in which the deposits in savings bank andparticipation deposits in banks and trust companies may be legally invested.The treasurer may change and vary investments from time to time, and he or shemay sell and dispose of any investments made, when necessary to meet the draftof either the president of the University of Rhode Island, Rhode IslandCollege, or the Community College of Rhode Island as provided in §16-32-27.