§ 46-25-38 - Proceeds: Narragansett Bay water quality management district commission fund.
SECTION 46-25-38
§ 46-25-38 Proceeds: Narragansett Baywater quality management district commission fund. – The general treasurer is hereby directed to deposit the proceeds of the sale ofthe bonds, including any premium or premiums and any accrued interest which maybe received from the sale thereof, in one or more of the depositories in whichthe funds of the state may be lawfully kept, in the account to be known as"Narragansett Bay water quality management district commission fund", to beused as follows:
(1) For the project within the district;
(2) As prescribed in § 46-25-42, in the case of premiumsor accrued interest,
(3) In the event that the amount received from the sale ofthe bonds exceeds the amount necessary for the planning, construction,extension, and improvement of the project, the surplus shall be used to theextent possible to retire the bonds as they may become due,
(4) Provided, however, that six million dollars ($6,000,000)of the proceeds of the fund may be utilized for the purposes of the BlackstoneValley sewer district and an additional nine million dollars ($9,000,000) ofthe proceeds may be utilized for the purposes of the Pawtuxet River districtcommission.