2009 Rhode Island Code
Title 45 - Towns and cities
CHAPTER 45-12 - Indebtedness of Towns and Cities
§ 45-12-8 - Establishment of general sinking fund – Computation of payments to sinking fund.
SECTION 45-12-8
§ 45-12-8 Establishment of general sinking fund – Computation of payments to sinking fund. – In lieu of establishing a separate sinking fund for each bond issue, a city or town may, by vote of the town council or city council, provide for the establishment of a general sinking fund, and thereafter the town treasurer or city treasurer shall annually, on the anniversary of the day of each issue of all outstanding sinking fund bonds of the respective city or town, pay to the sinking fund commission or deposit to the sinking fund for the redemption of those bonds, an amount sufficient to meet the sinking fund requirements of those bonds computed upon the basis that the moneys and investments of the general sinking fund earn an anticipated income of not exceeding four percent (4%) per annum compounded semiannually.
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