§ 46-15.1-8. Funds. (a) Except as otherwise provided by the board, the funds of the board under this chapter shall be in the custody of the treasurer of the board. The fiscal year of the board under this chapter shall end on June 30 of each calendar year. All payments by the board under this chapter shall be made solely from the funds derived by the board from the exercise of its powers under this chapter. Payments to the state hereunder, in the nature of current expenses, shall be a first charge on the revenues of the project or projects to which the payments relate, and on such other funds as may be available hereunder to pay the current expenses of the project or projects. Payments to the state hereunder in the nature of capital costs shall be a first charge on the proceeds of bonds or notes issued by the board to finance the project or projects to which the payments relate, and on such other funds as may be available hereunder to pay the capital costs of the project or projects. A sale shall not be made by the state to the board under § 46-15.1-6 unless the necessary funds are available to pay the purchase price upon the conveyance.

(b) The board may expend for any corporate purpose hereunder such sums as may be advanced to the board for the purpose by the state or by any city, town, district, or other municipal or quasi municipal or public or private corporation or company engaged in the water supply business, and each of those entities (other than the state) is authorized to make advances to the board in connection with any project or proposed project in which it is interested. Each advance by the state shall be repaid as provided in the foregoing paragraph. Each advance by any other entity shall be repaid to the extent and subject to the terms specified in or otherwise agreed at the time of the advance.

History of Section. (P.L. 1970, ch. 304, § 1.)