§ 37-7-5.1 - Lease or sale of property to refunding bond authority – Proceeds – Restricted receipt account. - Rhode Island Statutes

SECTION 37-7-5.1

   § 37-7-5.1  Lease or sale of property torefunding bond authority – Proceeds – Restricted receipt account.– Whenever the state leases, sells, or conveys property, real, personal, or mixedto the refunding bond authority under the provisions of chapter 14 of thistitle, in connection with a project authorized under the provisions of chapter14 of this title, all money received by the state from the lease, sale, orconveyance, shall, if requested in writing by the director of administration,be deposited by the state controller to a restricted receipt account. The moneyand interest or income earned from their investment shall be administered andused solely to meet the state's obligation to the refunding bond authority inconnection with the project. However, this section shall not prohibit or limitthe state from appropriating such additional funds as may be necessary to carryout the lease arrangement with the refunding bond authority. Upon thetermination of the state's lease arrangement with the refunding bond authorityand the transfer of the project to the state, any money remaining unexpended inthe restricted receipt account shall be transferred to the state's general fundfor the general purposes of the state.