47-5-561 - Authority of corporation to request appropriations from general fund; repayment of funds; funds to be maintained in interest-bearing accounts.
§ 47-5-561. Authority of corporation to request appropriations from general fund; repayment of funds; funds to be maintained in interest-bearing accounts.
(1) In addition to its other powers, the corporation shall have the power to request, through the department, an appropriation of general revenue funds for the purposes of operation of, addition to or renovation of facilities or correctional work programs at the various correctional institutions; however, upon receipt of such appropriation, the rental paid by the corporation for the operation of or such new remodeled or renovated facilities or the operation of a correctional work program shall be sufficient to amortize its cost over a period of five (5) years.
(2) The corporation shall maintain those prison industries funds in excess of that amount necessary for sustaining quarterly or monthly operations of the corporation in an interest-bearing account best serving the proper management of corporation funds and earning the maximum amount of interest allowed by law. The corporation shall cause monies from the interest-bearing account to be deposited quarterly or monthly into the corporation's checking account in order to pay the legal debts of the corporation, approved for payment by the corporation.
Sources: Laws, 1990, ch. 534, § 16; reenacted without change, Laws, 1996, ch. 547, § 25, eff from and after passage (approved April 13, 1996).