§ 46-25-18. Receipt and deposit of federal funds. (a) All moneys paid to the commission by the federal government for the purpose of executing the project shall be received by the executive director of the commission and applied in the following order of priority:
(1) For the payment of debt service on, or the recall, or the redemption of bonds and notes issued by the state in anticipation of the federal project payments; or
(2) If no bonds or notes of the state issued in anticipation of federal project payments are outstanding, then the moneys shall be deposited in the fund to be used for the purposes for which the federal government granted the moneys.
(b) To the extent permitted by federal law, any federal funds or assistance to the state of Rhode Island in any one federal fiscal year for sewer 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 federal funds or assistance so received shall be assigned to this project; provided, however, that more than fifty percent (50%) of the federal funds may be assigned to this project if the remaining fifty percent (50%) is not fully obligated for other projects in the state of Rhode Island outside the district.
History of Section. (P.L. 1980, ch. 342, § 1; P.L. 1996, ch. 397, § 1.)
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