§ 39-16-17. Money of authority. All money of the authority, from whatever source derived, shall be paid to the treasurer of the authority. The money on receipt shall be deposited forthwith in a separate bank account or accounts. The money in the accounts shall be paid out on check of the treasurer, on requisition by the authority, or of such other person or persons as the authority may authorize to make the requisitions. All deposits of money shall be secured by obligations of the United States, or of the state, of a market value equal at all times to the amount of deposits, and all banks and trust companies are authorized to give security for the deposits. The authority shall have power, notwithstanding the provisions of this section, to contract with the holders of any of its bonds as to the custody, collection, security, investment, and payment of any money of the authority, or any money held in trust or otherwise for the payment of bonds or in any way to secure bonds, and to carry out any contract notwithstanding that the contract may be inconsistent with the previous provisions of this section. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of money may be secured in the same manner as money of the authority, and all banks and trust companies are authorized to give security for the deposits.
History of Section. (P.L. 1946, ch. 1740, § 7; G.L. 1956, § 39-16-17.)
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