2017 Rhode Island General Laws
Title 35 - Public Finance
Chapter 35-4 - State Funds
Section 35-4-4.4 - State Linked Deposit Policy - Exceptions.
§ 35-4-4.4. State Linked Deposit Policy - Exceptions.
(a) Nothing in §§ 35-4-4.1 - 35-4-4.6 shall be construed as to require the state, or its agencies and instrumentalities, to liquidate existing funds on deposit prior to their maturity date(s) in order to comply with §§ 35-4-4.1 - 35-4-4.6.
(b) Sections 35-4-4.1 - 35-4-4.6 are not applicable with respect to funds on deposit that were received from the proceeds of either bond or note offerings that have received ratings from at least one national credit rating service of at least A-1 or MIG 1 with respect to short-term borrowings or A with respect to long-term borrowings. In determining which financial institutions shall hold these investments, preference shall be given to those financial institutions that have achieved an "outstanding" CRA rating.
History of Section.
(P.L. 1992, ch. 175, § 1.)
