(a)  Moneys in the funds currently not needed to meet expenses and obligations of self insurance shall be deposited in a depository bank as designated by the city or town councils to the credit of the funds or may be invested by the city or town treasurers, with the approval of the city or town councils, in savings accounts or certificates of commercial or savings banks or trust companies, or in obligations of the United States or its agencies, or in any other short term investments, as would be made by prudent men or women of discretion and intelligence.

Terms Used In Rhode Island General Laws 45-41-4

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
  • United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8

(b)  Investment earnings of the funds are deemed receipts and become assets of the funds subject to the nonlapsing, revolving provisions of § 45-41-3.

History of Section.
P.L. 1971, ch. 216, § 1.