§ 45-33-3. Abolition of revolving fund.
The legislative body of any community may abolish the redevelopment revolving fund whenever it finds that the purposes for which the fund was established have been accomplished. At the time of abolishing the fund, the legislative body shall transfer all moneys in the fund to the general obligation bond redemption fund, and shall provide that all moneys thereafter deposited or redeposited in the redevelopment revolving fund are deposited in the general obligation or revenue bond redemption fund. Any surplus existing in the general obligation or revenue bond redemption fund after payment of principal and interest shall be transferred to the general fund of the community.
History of Section.P.L. 1956, ch. 3654, § 42; G.L. 1956, § 45-33-3.
Structure Rhode Island General Laws
Chapter 45-33 - Redevelopment Financing
Section 45-33-1. - Establishment of revolving fund.
Section 45-33-2. - Bonds of city or town.
Section 45-33-3. - Abolition of revolving fund.
Section 45-33-4. - Appropriations, borrowing, and loans by cities and towns.
Section 45-33-5. - Power to issue bonds — Revenue and mortgage bonds.
Section 45-33-6. - Restrictions on liability on bonds.
Section 45-33-7. - Terms and form of bonds.
Section 45-33-8. - Terms and covenants permissible in bonds.
Section 45-33-10. - Continuing validity of signatures — Negotiability of bonds.
Section 45-33-11. - Recitals as to purpose of bonds.
Section 45-33-12. - Remedies of obligees.
Section 45-33-13. - Additional remedies conferrable on obligees.
Section 45-33-14. - Tax exemption of bonds.
Section 45-33-15. - Bonds as legal investments.
Section 45-33-16. - Financial assistance by other public agencies.