§ 45-41-4 - Investment of fund. - Rhode Island Statutes

SECTION 45-41-4

   § 45-41-4  Investment of fund. – (a) Moneys in the funds currently not needed to meet expenses and obligationsof self insurance shall be deposited in a depository bank as designated by thecity or town councils to the credit of the funds or may be invested by the cityor town treasurers, with the approval of the city or town councils, in savingsaccounts or certificates of commercial or savings banks or trust companies, orin obligations of the United States or its agencies, or in any other short terminvestments, as would be made by prudent men or women of discretion andintelligence.

   (b) Investment earnings of the funds are deemed receipts andbecome assets of the funds subject to the nonlapsing, revolving provisions of§ 45-41-3.