Rhode Island § 42-116-31 - Rhode Island Depositors Economic Protection Corporation

§ 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.