§ 45-60-2 - Block Island housing trust fund.
SECTION 45-60-2
§ 45-60-2 Block Island housing trust fund.– (a) There is created a special designated account to be known as the "BlockIsland housing fund." The fund shall be administered by the board andexpenditures from the fund are made only to implement and effectuate thepolicies and purposes of this chapter. Funds shall consist of monies or in-kinddonations from whatever source. These may include, but are not limited to,monies from the general treasury of the town, seasonal house rental taxes of nomore than one percent (1%) of prevailing market rate, contributions fromprivate or public sources, loans from private or financial institutions,grants, gifts or bequests.
(b) No funds shall be transferred from the housing trustaccount for investment or any other purpose without prior approval by thehousing trust board.
(c) Unexpended balances and any earnings shall not revert tothe town general fund but shall remain in the housing fund for use in accordwith the purposes of this chapter.