Rhode Island General Laws 45-59.1-18. Remaining revenues
Upon the dissolution or expiration without renewal of a tourism improvement district, any remaining revenues, after all outstanding debts are paid, derived from the levy of assessments, or derived from the sale of assets acquired with the revenues, shall be spent in accordance with the tourism improvement district plan or shall be refunded to the owners of the businesses then located and operating within the tourism improvement district in which assessments were levied by applying the same method and basis that was used to calculate the assessments levied in the fiscal year in which the tourism improvement district is disestablished or expires.
History of Section.
P.L. 2022, ch. 282, § 1, effective June 29, 2022; P.L. 2022, ch. 283, § 1, effective June 29, 2022.
Terms Used In Rhode Island General Laws 45-59.1-18
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Improvement: means an acquisition, construction, installation, or maintenance relating to tangible property, with an estimated useful life of five (5) years or more that is designed to provide benefits to assessed businesses. See Rhode Island General Laws 45-59.1-3
- Tourism improvement district: means a tourism improvement district established pursuant to this chapter. See Rhode Island General Laws 45-59.1-3