(a)  Notwithstanding any other provisions of law to the contrary, all monies received by the tax administrator under the provisions of chapters 18 and 19 of this title will be paid over to the general treasurer; provided, that for the fiscal year commencing July 1, 2000, and until such time that the trustee for the bonds of the Rhode Island Depositors Economic Protection Corporation notifies the Corporation that all bonds and fees are paid in full or deemed to be paid in full, six-tenths of one percent (0.6%) within the existing sales and use tax rates established in § 44-18-18 and § 44-18-20, exclusive of any receipts resulting from any expansion of the coverage of the sales and use taxes through legislation enacted subsequent to February 1, 1993, is appropriated to the Rhode Island Depositors Economic Protection Corporation special revenue fund within the Rhode Island Depositors Economic Protection Corporation established pursuant to § 42-116-31 for the purposes specified in chapter 116 of Title 42. In clarification of the intent of the legislature, six-tenths of one percent (0.6%) within the existing sales and use tax rates established in chapter 18 of this title exclusive of any receipts resulting from any expansion of the coverage of the sales and use taxes through legislation enacted subsequent to February 1, 1993, will be dedicated to the special revenue fund created by § 42-116-31 subject to the making of an annual appropriation by the general assembly of those sales and use tax receipts. Provided, that the net taxes received and/or refunded through and including July 31, 2000, are deemed to be for the periods ending prior to July 1, 2000, and net taxes received and/or refunded on or after August 1, 2000, are deemed to be for periods ending on July 1, 2000, and thereafter. The state controller shall establish an escrow account within the general fund to be known as the “depositor’s protection account.”

Terms Used In Rhode Island General Laws 44-19-40

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Trustee: A person or institution holding and administering property in trust.

(b)  The state controller is authorized and directed to draw his or her orders upon the general treasurer for the transfer of the sum or the portion of the sum from the depositor’s protection account to the special revenue fund. These transfers will be made at the end of each calendar month.

History of Section.
P.L. 1991, ch. 44, art. 36, § 1; P.L. 1992, ch. 133, art. 50, § 1; P.L. 1993, ch. 138, art. 4, § 1; P.L. 1994, ch. 70, art. 4, § 1; P.L. 1995, ch. 370, art. 3, § 1; P.L. 1996, ch. 100, art. 3, § 1; P.L. 1997, ch. 30, art. 3, § 1; P.L. 1998, ch. 31, art. 2, § 1; P.L. 1999, ch. 31, art. 3, § 1; P.L. 2000, ch. 55, art. 3, § 3.