§ 45-33-1 - Establishment of revolving fund. - Rhode Island Statutes

SECTION 45-33-1

   § 45-33-1  Establishment of revolving fund.– The legislative body of any community, at any time after it has adopted aresolution declaring that there is a need for an agency to function in thecommunity, may establish a redevelopment revolving fund. For the purpose ofraising moneys to be deposited in that fund, the community may appropriate taxmoney or other funds, and/or issue and sell its general obligation or revenuebonds, and the moneys shall be used to effectuate the purposes and theprovisions of chapters 31 – 33 of this title, upon resolution of thelegislative body.