§ 35-4-4.3. State Linked Deposit Policy — Deposit of funds.
The state, and its agencies and quasi-public authorities, shall invest or hold funds on deposit, whether temporarily or permanently, only at federally insured and regulated banks that are deemed to be financially sound or in money funds offered by banks directly or through their affiliates or subsidiaries, according to state investment commission rules, regulations, and guidelines and also in full compliance with the federal Community Reinvestment Act (CRA), 12 U.S.C. § 2901 et seq. Initially, full compliance shall mean that the bank has been reviewed at least once by the appropriate federal regulatory authority and has achieved the “outstanding” or “satisfactory” rating for compliance at the time of its latest review. Should a bank’s rating fall below “satisfactory”, the state shall have a reasonable amount of time to withdraw its funds. Preference will be given in the placement of state funds to those banks which have achieved a CRA rating of “outstanding”. A system for determining this preference will be established in writing by the general treasurer after consultation with the state investment commission.
History of Section.P.L. 1992, ch. 175, § 1; P.L. 1993, ch. 416, § 1; P.L. 1994, ch. 207, § 1.
Structure Rhode Island General Laws
Section 35-4-1. - Revenue credited to general fund — Exceptions — Deposits.
Section 35-4-2. - Payments to general treasurer — Allocations to specific funds.
Section 35-4-4. - Safekeeping and disbursement of funds.
Section 35-4-4.1. - State Linked Deposit Policy — Short title.
Section 35-4-4.2. - State Linked Deposit Policy — Legislative purpose.
Section 35-4-4.3. - State Linked Deposit Policy — Deposit of funds.
Section 35-4-4.4. - State Linked Deposit Policy — Exceptions.
Section 35-4-4.5. - State Linked Deposit Policy — Enforcement.
Section 35-4-4.6. - State Linked Deposit Policy — Definitions — Exemptions.
Section 35-4-4.7. - Public disclosure.
Section 35-4-5. - Deposit of funds — Purchase of bonds and securities.
Section 35-4-6. - Acceptance of gifts and bequests.
Section 35-4-7. - Sale of gifts and bequests — Deposit of proceeds.
Section 35-4-8. - Checks for payments from treasury.
Section 35-4-9. - Monthly reconciliation of depository accounts — Stopping payment on unpaid checks.
Section 35-4-10. - Veterans’ disability allowances unimpaired.
Section 35-4-11. - Intermodal surface transportation fund.
Section 35-4-12. - Federal reduction relief fund — Creation.
Section 35-4-13. - Federal reduction relief fund — Appropriations for essential state services.
Section 35-4-13.1. - Federal reduction relief fund — Appropriations for excellence in education.
Section 35-4-13.3. - Federal reduction relief fund — Appropriations for job development programs.
Section 35-4-13.4. - Federal reduction relief fund — Appropriations for housing programs.
Section 35-4-14. - Federal reduction relief fund — Interest earned on investment.
Section 35-4-15. - Federal reduction relief fund — Replenishment of fund.
Section 35-4-16. - Federal reduction relief fund — Severability.
Section 35-4-17. - Central cancer registry and prevention fund.
Section 35-4-18. - Health education, alcohol, and substance abuse prevention program.
Section 35-4-20. - Contribution of money from water development account fund.
Section 35-4-20.3. - Contribution of money from water development fund — Application for refunds.
Section 35-4-21. - Basic health plan trust account.
Section 35-4-22. - Inclusion of restricted and special revenue funds in budget.
Section 35-4-22.1. - Legislative appropriation authority.
Section 35-4-22.2. - Use of restricted or special revenue funds.
Section 35-4-22.3. - Exceptions and exclusions to §§ 35-4-22.1 and 35-4-22.2.
Section 35-4-23. - Rhode Island capital plan funds.
Section 35-4-23.1. - Indirect cost recoveries by state agencies.
Section 35-4-24. - Custodial funds received and held in trust by state agencies.
Section 35-4-25. - Funds attributable to agency business operations.
Section 35-4-26. - Funds received from vending machines, private donations, and investments.
Section 35-4-27. - Indirect cost recoveries on restricted receipt accounts.
Section 35-4-28. - Conversion of restricted receipt accounts to general revenue accounts.