§ 45-27-20 - Security for deposits by authority. - Rhode Island Statutes

SECTION 45-27-20

   § 45-27-20  Security for deposits byauthority. – The authority may by resolution provide that:

   (1) All moneys deposited by it are secured by obligations ofthe United States or of the state, of a market value equal at all times to theamount of the deposits, or

   (2) By any securities in which savings banks may legallyinvest funds within their control or by an undertaking with sureties approvedby the authority, faithfully to keep and pay over, upon the order of theauthority, those deposits and agreed interest. All banks and trust companiesare authorized to give security for those deposits.