Section 36-12.1-15 Payment of administrative expenses of the OPEB board and maintaining the OPEB system

Section 36-12.1-15 Payment of administrative expenses of the OPEB board and maintaining the OPEB system - Restricted receipts account.

RI Gen L § 36-12.1-15 (2019) (N/A)

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§ 36-12.1-15. Payment of administrative expenses of the OPEB board and maintaining the OPEB system - Restricted receipts account. (a) There is hereby created within the general fund a restricted receipt account entitled the "OPEB system restricted receipt account", the proceeds of which shall be used solely to pay the expenses of the OPEB Board, the cost of maintaining the OPEB System, and the costs of administering the OPEB System.

(b) For fiscal years 2011 through 2014, the State Controller is authorized to disburse from the fund established under subsection (a) above the actual cost of administration of the fund. In fiscal years, 2015 and thereafter, there shall be transferred to this restricted receipt account twenty five (25) basis points or two hundred thousand dollars ($200,000), whichever is greater, where one hundred (100.0) basis points equals one percent (1.0%), of the average total investments before lending activities as reported in the annual report of the auditor general for the next preceding five fiscal years. Any non-encumbered funds on June 30 of any fiscal year shall be credited to the OPEB System.

History of Section. (P.L. 2008, ch. 9, art. 4, § 3; P.L. 2009, ch. 5, art. 4, § 1; P.L. 2011, ch. 151, art. 21, § 1.)

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