(a)  Subject to the provisions of subsection (b), upon the written request of the corporation, the general treasurer of the state shall pay to the corporation from time to time the proceeds of any bonds or notes issued by the state for the purposes of this chapter, any appropriations of the state made for the benefit of the corporation, or any other funds lawfully payable by the state to the corporation, or any revenues dedicated to corporate purposes.

Terms Used In Rhode Island General Laws 42-116-11

  • Board: means the board of directors of the corporation. See Rhode Island General Laws 42-116-3
  • Bonds: means the bonds, notes, or other evidences of indebtedness of the corporation. See Rhode Island General Laws 42-116-3
  • Corporation: means the Rhode Island depositors economic protection corporation. See Rhode Island General Laws 42-116-3
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Revenues: means when used with reference to the corporation, any receipts, fees, payments, moneys, revenues or other payments received or to be received by the corporation in the exercise of its corporate powers under this chapter, including without limitation loan repayments, grants, aid, appropriations and other assistance from the state, the United States or any corporation, department or instrumentality of either or of a political subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves and other funds and accounts established by or pursuant to this chapter or in connection with the issuance of bonds, and any other taxes, assessments, fees, charges, awards or other income or amounts received or receivable by the corporation. See Rhode Island General Laws 42-116-3

(b)  The executive director of the corporation, with the approval of the board and the governor on behalf of the state, may enter into, execute, and deliver one or more agreements with the corporation setting forth or otherwise determining the terms, conditions and procedures for, and the amount, time, and manner of payment of, all amounts available from the state to the corporation under this section. The agreement or agreements may include any covenants and undertakings of the state and the corporation that the governor and the corporation deem reasonable.

History of Section.
P.L. 1991, ch. 3, § 4.