Rhode Island § 42-82-8 - Farmland Preservation Act

§ 42-82-8. Agricultural lands preservation fund.

The general treasurer is directed to deposit the proceeds of the sale of the bonds including any premium or premiums and any accrued interest which may be received from the sale of the bonds, in one or more of the depositories in which the funds of the state may be lawfully kept, in the amount to be known as “agricultural lands preservation fund” to be used as follows:

(1) For the purposes of § 42-82-5;

(2) As prescribed in § 42-82-12 in the case of premiums or accrued interest; and

(3) In the event that the amount received from the sale of the bonds exceeds the amount necessary for the planning for or purchase of development rights to farmland, the surplus shall be used to the extent possible to retire the bonds as they may become due.