TITLE 46

Waters and Navigation

CHAPTER 46-25

Narragansett Bay Commission

SECTION 46-25-9



   § 46-25-9  Appropriated moneys and advances

from general fund. –

(a) The commission is authorized to accept such moneys as may be appropriated

from time to time by the general assembly for the carrying out of its duties

hereunder including, without limitation, the payment of the initial expenses of

administration and operation; provided, however, that any such appropriation

shall be considered as a loan to the commission from the general fund of the

state and shall be returned thereto when the commission is self supporting or

at such time as may otherwise be stipulated in the act appropriating the money.



   (b)(1) The commission is further authorized to accept

advances or loans of funds from the general fund of the state:



   (i) In anticipation of the receipt of federal funds; and



   (ii) For the purpose of meeting debt service liabilities and

providing for the construction, maintenance, or operation of the project during

such periods of time as the fund may be insufficient for those purposes and, at

the request of the commission, the director of the department of administration

is authorized and empowered, with the approval of the governor, to make those

advances.



   (2) Provided, however, that the advances shall be returned to

the general fund at such time or times as the director shall have specified,

and that the total amount of the advances outstanding and unreturned at any one

time shall not exceed three million dollars ($3,000,000); and, however, for the

period May 1, 1989 through June 30, 1991 the advance shall not exceed three

million six hundred seventy-five thousand dollars ($3,675,000) provided that

subject to the report and order of the public utilities commission in docket

No. 1968, the commission may issue revenue bonds or notes for the purpose of

repaying the advances from the general fund of the state of Rhode Island

provided under this chapter, in an aggregate principal amount not to exceed

three million six hundred seventy-five thousand dollars ($3,675,000) in

accordance with the provisions of § 46-25-58 except that notwithstanding

subsections (c) and (d) of § 46-25-58, such revenue bonds or notes,

including all refundings and renewals thereof, shall be payable in such

installments and at such times not exceeding three (3) years from the date of

the original issue of such revenue bonds or notes. The state controller is

hereby authorized and directed to draw his or her orders upon the general

treasurer for the payment of the advances upon receipt by the controller of

proper vouchers signed by the director of the department of administration and

approved by the governor.



History of Section.

(P.L. 1980, ch. 342, § 1; P.L. 1987, ch. 109, § 1; P.L. 1989, ch.

127, art. 5, § 1; P.L. 1991, ch. 29, § 1.)