§ 35-8-6 - Control and management of sinking funds – Investment. - Rhode Island Statutes

SECTION 35-8-6

   § 35-8-6  Control and management of sinkingfunds – Investment. – The sinking fund commission shall have the control and management of allsinking funds established for the redemption of any bonds or certificates ofindebtedness issued by the state, except for investments which are made by thestate investment commission under the provisions of chapter 10 of this title.Any and all bonds or certificates of indebtedness of the state purchased as aninvestment for the sinking fund for the redemption of bonds of the same issueshall be held in the sinking fund subject to the order of the commission oruntil the bonds shall by their terms become due and payable. For the purposesof this section, refunding escrows established by the state in connection withthe refinancing of any bonds, notes or certificates of indebtedness including,without limitation, refunding escrows established in connection with therefinancing of any certificates of participation issued by or at the directionof the state, shall not constitute sinking funds established for the redemptionof any bonds or certificates of indebtedness issued by the state.