§ 45-12-8 - Establishment of general sinking fund – Computation of payments to sinking fund. - Rhode Island Statutes

SECTION 45-12-8

   § 45-12-8  Establishment of general sinkingfund – Computation of payments to sinking fund. – In lieu of establishing a separate sinking fund for each bond issue, a city ortown may, by vote of the town council or city council, provide for theestablishment of a general sinking fund, and thereafter the town treasurer orcity treasurer shall annually, on the anniversary of the day of each issue ofall outstanding sinking fund bonds of the respective city or town, pay to thesinking fund commission or deposit to the sinking fund for the redemption ofthose bonds, an amount sufficient to meet the sinking fund requirements ofthose bonds computed upon the basis that the moneys and investments of thegeneral sinking fund earn an anticipated income of not exceeding four percent(4%) per annum compounded semiannually.