§ 42-116-31. Special revenue fund.
(a) There is created a special revenue fund. Commencing July 1, 1991, one half of one percent (0.5%) and an additional one-tenth of one percent (0.1%) as of February 1, 1992, for a total of six-tenths of one percent (0.6%) as of February 1, 1992, which is appropriated for the fiscal year ending June 30, 1992, within the existing sales and use tax rate established in §§ 44-18-18 and 44-18-20 will be dedicated to the special revenue fund; provided, the six tenths of one percent (0.6%) dedicated to the special revenue fund shall not apply to any receipts resulting from any expansion of the coverage of the sales and use taxes through legislation enacted subsequent to February 1, 1992.
(b) For the purposes of this section, the revenue estimating conference, in consultation with the tax administrator, shall determine conclusively and annually no later than June 1 of each year for the succeeding fiscal year the amount of receipts to result from the expansion of the coverage of the sales and use taxes. The proceeds for the fund shall be utilized to pay the debt service of the corporation and otherwise effectuate the purposes of the corporation, including, without limitation, the payment of operating expenses. The portion of the fund not required in the fiscal year, commencing on July 1, 1995, (but not to exceed fourteen million five hundred thousand dollars ($14,500,000) in the fiscal year commencing on July 1, 1996, (but not to exceed fifteen million eight hundred thousand dollars ($15,800,000) in the fiscal year commencing on July 1, 1997, (but not to exceed fifteen million dollars ($15,000,000) in the fiscal year commencing on July 1, 1999, (but not to exceed twelve million two hundred thousand dollars ($12,200,000)), to effectuate the purposes of the corporation, to pay principal and interest becoming due on any special obligation bonds secured by the special revenue fund or to be deposited into any debt service fund or other fund established in connection with the issuance of any special obligation bonds for those purposes shall be returned to the state. Any of these funds returned to the state shall be recorded on an accrual basis. The portion of the fund not required in any fiscal year commencing on or after July 1, 1997, to effectuate the purposes of the corporation, to pay principal and interest becoming due on any special obligation bonds secured by the special revenue fund or to be deposited into any debt service fund or other fund established in connection with the issuance of any special obligation bonds for these purposes shall be used to pay the loan obligations or bond indebtedness of the corporation. It is the intent of the general assembly to appropriate, from time to time, amounts to the special revenue fund not less in any fiscal year than the amount of the principal and interest becoming due on any special obligation bonds secured by the special revenue fund in that fiscal year or the amount required to be deposited into any debt service fund or other fund established in connection with the issuance of any special obligation bonds for those purposes.
History of Section.P.L. 1991, ch. 3, § 4; P.L. 1992, ch. 9, § 1; P.L. 1996, ch. 100, art. 3, § 3; P.L. 1997, ch. 30, art. 3, § 4; P.L. 2000, ch. 55, art. 3, § 5.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation
Section 42-116-1. - Short title.
Section 42-116-2. - Legislative findings.
Section 42-116-3. - Definitions.
Section 42-116-5. - General powers of corporation.
Section 42-116-5.1. - Sale of property.
Section 42-116-6. - Additional general powers.
Section 42-116-7. - Assumption of liabilities and distribution.
Section 42-116-10. - Promulgation of regulations.
Section 42-116-11. - Payment of state funds — Agreement between corporation and department.
Section 42-116-12. - Payment of depositor’s claims.
Section 42-116-12.1. - Distribution of funds in individual retirement accounts.
Section 42-116-13. - Bonds of the corporation.
Section 42-116-14. - Refunding bonds.
Section 42-116-15. - Bonds eligible for investment.
Section 42-116-16. - No additional consent required.
Section 42-116-17. - Bonds not obligations of the state.
Section 42-116-18. - Lien status — Recording.
Section 42-116-19. - Investment securities.
Section 42-116-20. - Trust fund.
Section 42-116-21. - Authorization to accept appropriated monies.
Section 42-116-22. - Assistance by state officers, departments, boards and commissions.
Section 42-116-23. - Certain agreements.
Section 42-116-24. - Tax exemption.
Section 42-116-25. - Duration of corporation — Termination.
Section 42-116-25.1. - Defeasance of corporation bonds.
Section 42-116-25.2. - Indemnification.
Section 42-116-26. - Record keeping — Financial statements.
Section 42-116-27. - Inconsistent laws — Supplemental powers.
Section 42-116-28. - Compliance with federal law.
Section 42-116-29. - Inapplicability of certain laws.
Section 42-116-30. - Liability of the corporation.
Section 42-116-31. - Special revenue fund.
Section 42-116-32. - Corporation’s right to subrogation.
Section 42-116-33. - Performance review committee.
Section 42-116-34. - Severability.
Section 42-116-35. - Excess interest forfeiture.
Section 42-116-36. - Recording certain transfer documents.
Section 42-116-37. - Use of funds.
Section 42-116-38. - Depositor’s advisory board.
Section 42-116-39. - Payment of commission costs.