Rhode Island General Laws 24-12-40E. State guaranteed bonds – General provision
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All payments made by the authority to the general fund for amounts loaned to the authority for payments on bond interest paid on state guaranteed bonds, shall, if requested in writing by the director of administration, be deposited by the state controller to a restricted receipt account. The moneys and interest or income earned from their investment shall be used for the payment of debt service cost (principal and interest) for state general obligation bonds.
History of Section.
P.L. 1983, ch. 167, art. XIV, § 1.
Terms Used In Rhode Island General Laws 24-12-40E
- Authority: means the Rhode Island turnpike and bridge authority created by § 24-12-2, or, if the authority shall be abolished, the board, body, or commission succeeding to the principal functions thereof or upon whom the powers given by the chapter to the authority shall be given by law. See Rhode Island General Laws 24-12-1
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.