§ 39-16-17 - Money of authority. - Rhode Island Statutes

SECTION 39-16-17

   § 39-16-17  Money of authority. – All money of the authority, from whatever source derived, shall be paid to thetreasurer of the authority. The money on receipt shall be deposited forthwithin a separate bank account or accounts. The money in the accounts shall be paidout on check of the treasurer, on requisition by the authority, or of suchother person or persons as the authority may authorize to make therequisitions. All deposits of money shall be secured by obligations of theUnited States, or of the state, of a market value equal at all times to theamount of deposits, and all banks and trust companies are authorized to givesecurity for the deposits. The authority shall have power, notwithstanding theprovisions of this section, to contract with the holders of any of its bonds asto the custody, collection, security, investment, and payment of any money ofthe authority, or any money held in trust or otherwise for the payment of bondsor in any way to secure bonds, and to carry out any contract notwithstandingthat the contract may be inconsistent with the previous provisions of thissection. Money held in trust or otherwise for the payment of bonds or in anyway to secure bonds and deposits of money may be secured in the same manner asmoney of the authority, and all banks and trust companies are authorized togive security for the deposits.