§ 46-25-18 - Receipt and deposit of federal funds.
SECTION 46-25-18
§ 46-25-18 Receipt and deposit of federalfunds. – (a) All moneys paid to the commission by the federal government for the purposeof executing the project shall be received by the executive director of thecommission and applied in the following order of priority:
(1) For the payment of debt service on, or the recall, or theredemption of bonds and notes issued by the state in anticipation of thefederal project payments; or
(2) If no bonds or notes of the state issued in anticipationof federal project payments are outstanding, then the moneys shall be depositedin the fund to be used for the purposes for which the federal governmentgranted the moneys.
(b) To the extent permitted by federal law, any federal fundsor assistance to the state of Rhode Island in any one federal fiscal year forsewer projects funded under the Federal Water Pollution Control Act, 33 U.S.C.§ 1251 et seq., as amended, for fiscal years commencing October 1, 1982,and thereafter, shall be allocated so that fifty percent (50%) of the federalfunds or assistance so received shall be assigned to this project; provided,however, that more than fifty percent (50%) of the federal funds may beassigned to this project if the remaining fifty percent (50%) is not fullyobligated for other projects in the state of Rhode Island outside the district.