Rhode Island General Laws 45-12-8. Establishment of general sinking fund – Computation of payments to sinking fund
In lieu of establishing a separate sinking fund for each bond issue, a city or town may, by vote of the town council or city council, provide for the establishment of a general sinking fund, and thereafter the town treasurer or city treasurer shall annually, on the anniversary of the day of each issue of all outstanding sinking fund bonds of the respective city or town, pay to the sinking fund commission or deposit to the sinking fund for the redemption of those bonds, an amount sufficient to meet the sinking fund requirements of those bonds computed upon the basis that the moneys and investments of the general sinking fund earn an anticipated income of not exceeding four percent (4%) per annum compounded semiannually.
History of Section.
P.L. 1935, ch. 2211, § 2; G.L. 1938, ch. 329, § 21; G.L. 1956, § 45-12-8.
Terms Used In Rhode Island General Laws 45-12-8
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
- town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9