2014 Rhode Island General Laws
Title 16 - Education
Chapter 16-57 - Higher Education Assistance Authority [See Title 16 Chapter 97 – The Rhode Island Board of Education Act]
Section 16-57-10 - Reserve funds.
§ 16-57-10 Reserve funds. – (a) To assure the continued operation and solvency of the authority for the carrying out of its corporate purposes, the authority may create and establish any reserve funds as may be necessary or desirable for its corporate purposes, and may pay into the funds any money appropriated and made available by the state, the commissioner, or any other source for the purpose of the funds, and any money collected by the authority as fees for the guaranty of eligible loans.
(b) To assure continued solvency of the authority, the authority's operating fund shall be used solely for the ordinary operating expenses of the authority. Furthermore, it is the intent of the general assembly that these funds eventually be used to increase financial assistance to Rhode Island students in the form of scholarships and grants.
(c) Given the decline of available sources to support the agency, the Governor's FY 2016 budget recommendations shall include a proposal for the transfer of higher education assistance authority's programs to appropriate agencies within state government. All departments and agencies of the state shall furnish such advice and information, documentary or otherwise to the director of the department of administration and its agents as is deemed necessary or desirable to facilitate the recommendation.
History of Section.
(P.L. 1977, ch. 238, § 1; P.L. 2012, ch. 241, art. 4, § 1; P.L. 2013, ch. 501, § 63; P.L. 2014, ch. 145, art. 14, § 4.)
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