§ 35-10-13 - Reinvestments directed at job retention and creation. - Rhode Island Statutes

SECTION 35-10-13

   § 35-10-13  Reinvestments directed at jobretention and creation. – Consistent with the investment criteria set forth in §§ 35-10-6,35-10-11, and 35-10-12, the commission is specifically authorized to investstate funds or pension funds in investments which are intended to retain orcreate jobs in the New England region, but with priority given among theinvestments to the retention and creation of jobs in the state of Rhode Island.Notwithstanding the investment limitations set forth in §§ 35-10-6and 35-10-11, the commission may in any particular case prescribe the followingvariations in these investment limitations when it shall deem it appropriate inview of the exigencies of the case and in order to carry out the intent andpurpose of this section: (1) direct or indirect mortgage or collateral loansfor projects or businesses; or (2) direct or equity interests in real estate,projects, or businesses; provided, that the total amount of all these loans orinvestments do not exceed at the time of making the loan and/or investment fivepercent (5%) of the total funds which are under the jurisdiction of thecommission and which are subject to its statement of investment objectives andguidelines; and further provided, that investments made under this sectionshall be made in accordance with the prudent person standard set forth in thischapter.