Rhode Island § 35-24-2 - Rhode Island Baby Bond Trust

§ 35-24-2. Establishment.

(a) There is hereby established the Rhode Island baby bond trust. The trust shall constitute an instrumentality of the state and shall perform essential governmental functions as provided under the provisions of this chapter. The trust shall receive and hold all payments and deposits or contributions intended for the trust, as well as gifts, bequests, endowments, or federal, state, or local grants and any other funds from any public or private source and all earnings until disbursed in accordance with § 35-24-7.

(b) The amounts on deposit in the trust shall not constitute property of the state and the trust shall not be construed to be a department, institution, or agency of the state. Amounts on deposit in the trust shall not be commingled with state funds and the state shall have no claim to or against, or interest in, such funds. Any contract entered into by, or any obligation of, the trust shall not constitute a debt or obligation of the state and the state shall have no obligation to any designated beneficiary or any other person on account of the trust and all amounts obligated to be paid from the trust shall be limited to amounts available for such obligation on deposit in the trust. The amounts on deposit in the trust may only be disbursed in accordance with the provisions of this chapter. The trust shall continue in existence as long as it holds any deposits or has any obligations and until its existence is terminated by law. Upon termination, any unclaimed assets shall return to the state.

(c) The general treasurer shall be responsible for the receipt, maintenance, administration, investigation, and disbursements from the trust. The trust shall not receive deposits in any form other than cash.