§ 45-27-20. Security for deposits by authority.
The authority may by resolution provide that:
(1) All moneys deposited by it are secured by obligations of the United States or of the state, of a market value equal at all times to the amount of the deposits, or
(2) By any securities in which savings banks may legally invest funds within their control or by an undertaking with sureties approved by the authority, faithfully to keep and pay over, upon the order of the authority, those deposits and agreed interest. All banks and trust companies are authorized to give security for those deposits.
History of Section.P.L. 1935, ch. 2255, § 23; G.L. 1938, ch. 344, § 23; G.L. 1956, § 45-27-20.
Structure Rhode Island General Laws
Chapter 45-27 - Housing Authority Bonds and Obligations
Section 45-27-1. - Types of bonds issuable — Pledge of revenues — Mortgages.
Section 45-27-2. - Liability on bonds — Statutory limitations inapplicable.
Section 45-27-3. - Authorization, form, and terms of bonds.
Section 45-27-4. - Sale of bonds — Notice.
Section 45-27-5. - Interim certificates and temporary obligations.
Section 45-27-6. - Continuing validity of signatures of officers.
Section 45-27-7. - Repurchase of bonds.
Section 45-27-8. - Negotiability of bonds.
Section 45-27-9. - Terms includible in bonds or obligations.
Section 45-27-10. - Mortgage of property.
Section 45-27-11. - Remedies of obligee.
Section 45-27-12. - Remedies conferrable on obligee by housing authority.
Section 45-27-13. - Remedies cumulative.
Section 45-27-14. - Limitation on remedies against property of authority.
Section 45-27-15. - Subordination of mortgage to government contract.
Section 45-27-16. - Obligations in federal contracts.
Section 45-27-17. - Validation of prior agreements.
Section 45-27-18. - Validation of previous acts.
Section 45-27-19. - Validation of defense housing activities.