Rhode Island § 46-25-9 - Narragansett Bay Commission

§ 46-25-9. Appropriated moneys and advances from general fund.

(a) The commission is authorized to accept such moneys as may be appropriated from time to time by the general assembly for the carrying out of its duties hereunder including, without limitation, the payment of the initial expenses of administration and operation; provided, however, that any such appropriation shall be considered as a loan to the commission from the general fund of the state and shall be returned thereto when the commission is self supporting or at such time as may otherwise be stipulated in the act appropriating the money.

(b)(1) The commission is further authorized to accept advances or loans of funds from the general fund of the state:

(i) In anticipation of the receipt of federal funds; and

(ii) For the purpose of meeting debt service liabilities and providing for the construction, maintenance, or operation of the project during such periods of time as the fund may be insufficient for those purposes and, at the request of the commission, the director of the department of administration is authorized and empowered, with the approval of the governor, to make those advances.

(2) Provided, however, that the advances shall be returned to the general fund at such time or times as the director shall have specified, and that the total amount of the advances outstanding and unreturned at any one time shall not exceed three million dollars ($3,000,000); and, however, for the period May 1, 1989 through June 30, 1991 the advance shall not exceed three million six hundred seventy-five thousand dollars ($3,675,000) provided that subject to the report and order of the public utilities commission in docket No. 1968, the commission may issue revenue bonds or notes for the purpose of repaying the advances from the general fund of the state of Rhode Island provided under this chapter, in an aggregate principal amount not to exceed three million six hundred seventy-five thousand dollars ($3,675,000) in accordance with the provisions of § 46-25-58 except that notwithstanding subsections (c) and (d) of § 46-25-58, such revenue bonds or notes, including all refundings and renewals thereof, shall be payable in such installments and at such times not exceeding three (3) years from the date of the original issue of such revenue bonds or notes. The state controller is hereby authorized and directed to draw his or her orders upon the general treasurer for the payment of the advances upon receipt by the controller of proper vouchers signed by the director of the department of administration and approved by the governor.