§ 42-11-2.4 - State Fleet Replacement Revolving Loan Fund.
SECTION 42-11-2.4
§ 42-11-2.4 State Fleet ReplacementRevolving Loan Fund. – (a) There is hereby created as a separate fund within the treasury to be knownas the state fleet replacement revolving loan fund which shall be administeredby the general treasurer in accordance with the same laws and fiscal proceduresas the general funds of the state. This fund, hereafter referred to as the"revolving loan fund", shall consist of such sums as the state may from time totime appropriate, as well as money received from the disposal of used vehicles,loan, interest and service charge payments from benefiting state agencies, aswell as interest earnings, money received from the federal government, gifts,bequests, donations, or otherwise from any public or private source.
(b) This fund shall be used for the purpose of acquiringmotor vehicles, both new and used, and vehicle-related equipment andattachments for state departments and agencies.
(c) The proceeds from the repayment of any loans made for thepurposes authorized under this chapter shall be deposited in and returned tothe revolving loan fund in order to constitute a continuing revolving fund forthe purposes listed above.
(d) The office of state fleet operations of the Rhode Islanddepartment of administration shall adopt rules and regulations consistent withthe purposes of this chapter and chapter 35 of title 42, in order to providefor the orderly and equitable disbursement and repayment of funds from therevolving loan fund.