Section 490-RICR-00-00-4.1 - Water Authority4.1.1Water Development FundA. There is hereby created a special fund called "water development fund" in accordance with the provisions of R.I. Gen. Laws § 46-15.1-20.B. The source of funds may be any net proceeds which may be paid to the State from the lease of any reservoir sites or other facilities as may be acquired or constructed by the State or resulting from the sale of surplus property or any interest therein, the sale of excess gravel, timber or other such materials located on such reservoir sites or other facilities. C. Monies from this fund may be appropriated by and available for borrowing by the Board in accordance with the provisions of R.I. Gen. Laws Chapter 46-15.1, R.I. Gen. Laws § 46-15.1-20 and R.I. Gen. Laws Chapter 46-15.2, as amended, exclusive of the acquisition of reservoir sites.D. If the water development account created by this chapter exceeds the sum of one million dollars ($1,000,000), such excess over that amount is hereby made available and appropriated for expenditure by the Board to implement the plans and programs authorized by provisions of R.I. Gen. Laws Chapters 46-15.1 and 46-15.2, as amended, exclusive of the acquisition of reservoir sites.E. All monies in the water development fund, not immediately required for payment or loan may be invested pursuant to R.I. Gen. Laws Chapter 35-10; provided, however, the securities in which said fund is invested shall remain a part of such fund until exchanged for other securities; and provided further, that any net profit or income from such investments shall become part of the general fund of the state and shall be applied to the payment of debt service charges of the State; provided however, that any interest from loans made pursuant to this chapter may be retained by the said Board for the purposes authorized herein.F. All monies in this water development fund, in excess of one million dollars ($1,000,000) shall be deposited by the general treasurer into one (1) or more of the depositories in which the funds of the State may be lawfully kept in a special account. The state controller is hereby authorized and directed to draw his/her orders upon the general treasurer for payment out of such special account of such sum or sums as may be required, from time to time, upon receipt of properly authenticated vouchers.4.1.2Definition"Water supply facilities" means water reservoirs, wells and well sites, transmission or distribution systems, any equipment and improvements held in connection therewith, and any other property or mixed, used or held to be used in connection therewith.
490 R.I. Code R. 490-RICR-00-00-4.1