825 R.I. Code R. 825-RICR-30-00-2.5

Current through October 25, 2024
Section 825-RICR-30-00-2.5 - CALCULATION AND DISTRIBUTION OF AVAILABLE PROCEEDS
A. Final Calculation and Distribution. The Corporation shall calculate the actual amount of the Available Proceeds in accordance with § 2.3(H) of this Part, as of the Closing Date. On the Closing Date, the Corporation shall distribute the Available Proceeds as follows:
1. An amount not to exceed the Operating Reserve Fund and the Replacement Reserve fund shall be distributed to the Applicant from Available Proceeds;
2. One-half of the balance of the Available Proceeds to the Applicant as specified in the Preservation Application; and
3. The balance to the Preservation Trust. The portion of the Available Proceeds distributed to the Preservation Trust may be deemed distributed first from Residual Receipt and reserve account funds included in the calculation of Available Proceeds, to the extent available.

825 R.I. Code R. 825-RICR-30-00-2.5