(a)  There is hereby created within the general fund a restricted receipt account entitled the “OPEB system restricted receipt account”, the proceeds of which shall be used solely to pay the expenses of the OPEB Board, the cost of maintaining the OPEB System, and the costs of administering the OPEB System.

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Terms Used In Rhode Island General Laws 36-12.1-15

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

(b)  For fiscal years 2011 through 2014, the State Controller is authorized to disburse from the fund established under subsection (a) above the actual cost of administration of the fund. In fiscal years, 2015 and thereafter, there shall be transferred to this restricted receipt account twenty five (25) basis points or two hundred thousand dollars ($200,000), whichever is greater, where one hundred (100.0) basis points equals one percent (1.0%), of the average total investments before lending activities as reported in the annual report of the auditor general for the next preceding five fiscal years. Any non-encumbered funds on June 30 of any fiscal year shall be credited to the OPEB System.

History of Section.
P.L. 2008, ch. 9, art. 4, § 3; P.L. 2009, ch. 5, art. 4, § 1; P.L. 2011, ch. 151, art. 21, § 1.