§ 37-7.1-3 - Use of proceeds.
SECTION 37-7.1-3
§ 37-7.1-3 Use of proceeds. – (a) Any general or public law to the contrary notwithstanding, all moneyreceived by the state from the sale of the west building of the union stationcomplex to the greater Providence chamber of commerce shall be deposited by thegeneral treasurer into a restricted receipt account. The proceeds shall be usedfor renovations and repairs to remaining state property at the union stationcomplex and shall be expended upon the approval of the director ofadministration.
(b) Notwithstanding the provisions of any general or publiclaw to the contrary, and except as provided in subsection (a), all moneyreceived by the state from the sale of any real property and/or improvementswithin the capital center special development district to the Rhode Islandeconomic development corporation shall be deposited by the general treasurerinto the Providence River relocation – Memorial Boulevard extensionproject fund created by § 42-95-1.
(c) Notwithstanding the provisions of any general or publiclaw to the contrary, all money received by the state from the sale of any realproperty and/or improvement authorized in § 37-7.1-1(c) shall be depositedand held by the general treasurer in a restricted receipt account, exceptingproceeds received from the sale of the Sockanosset Cross Road propertydescribed in § 37-7.1-1(c), which shall be deposited into the general fundof the state. All other restricted proceeds shall be held and used for thereplacement of capital facilities and acquisition of land, and shall beexpended therefor by the director of administration with the approval of thegovernor. The general assembly shall appropriate the funds from the restrictedreceipts accounts used as the depository for the funds received pursuant to§ 37-7.1-1(c).
(d) Notwithstanding the provisions of any general or publiclaw to the contrary, all money received by the state from the sale of the realproperty and/or improvements authorized in § 37-7.1-1(e) shall be used forthe payment of the purchase price of real property and the costs and expensesrelated to its acquisition.
(e) Notwithstanding the provisions of any general or publiclaw to the contrary, all money received by the state from the sale of the realproperty and/or improvements authorized in § 37-7.1-1(f) shall be paidinto the general fund.