(a)  Except as otherwise provided by the board, the funds of the board under this chapter shall be in the custody of the treasurer of the board. The fiscal year of the board under this chapter shall end on June 30 of each calendar year. All payments by the board under this chapter shall be made solely from the funds derived by the board from the exercise of its powers under this chapter. Payments to the state hereunder, in the nature of current expenses, shall be a first charge on the revenues of the project or projects to which the payments relate, and on such other funds as may be available hereunder to pay the current expenses of the project or projects. Payments to the state hereunder in the nature of capital costs shall be a first charge on the proceeds of bonds or notes issued by the board to finance the project or projects to which the payments relate, and on such other funds as may be available hereunder to pay the capital costs of the project or projects. A sale shall not be made by the state to the board under § 46-15.1-6 unless the necessary funds are available to pay the purchase price upon the conveyance.

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Terms Used In Rhode Island General Laws 46-15.1-8

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
  • 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

(b)  The board may expend for any corporate purpose hereunder such sums as may be advanced to the board for the purpose by the state or by any city, town, district, or other municipal or quasi municipal or public or private corporation or company engaged in the water supply business, and each of those entities (other than the state) is authorized to make advances to the board in connection with any project or proposed project in which it is interested. Each advance by the state shall be repaid as provided in the foregoing paragraph. Each advance by any other entity shall be repaid to the extent and subject to the terms specified in or otherwise agreed at the time of the advance.

History of Section.
P.L. 1970, ch. 304, § 1.