§ 45-12-28 - Permitted temporary investments for bond proceeds. - Rhode Island Statutes

SECTION 45-12-28

   § 45-12-28  Permitted temporary investmentsfor bond proceeds. – Notwithstanding any contrary provision of general or special law, towns andcities may invest proceeds of any bond or note available during the periodbefore those proceeds are needed for the purpose for which the bonds or noteswere issued, in investments described in § 35-10-11. A city council ortown council may adopt an ordinance or resolution limiting the permittedinvestments under § 35-10-11 to investments meeting specified standards ofcreditworthiness.