(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.

Terms Used In Rhode Island General Laws 42-116-31

  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(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.

History of Section.
P.L. 1991, ch. 3, § 4; P.L. 1992, ch. 9, § 1; P.L. 1996, ch. 100, art. 3, § 3; P.L. 1997, ch. 30, art. 3, § 4; P.L. 2000, ch. 55, art. 3, § 5.