TITLE 37
Public Property and Works

CHAPTER 37-7.1
Rhode Island Economic Development Corporation – Sale of Property

SECTION 37-7.1-3


§ 37-7.1-3 Use of proceeds.

(a) Any general or public law to the contrary notwithstanding, all money received by the state from the sale of the west building of the union station complex to the greater Providence chamber of commerce shall be deposited by the general treasurer into a restricted receipt account. The proceeds shall be used for renovations and repairs to remaining state property at the union station complex and shall be expended upon the approval of the director of administration.

(b) Notwithstanding the provisions of any general or public law to the contrary, and except as provided in subsection (a), all money received by the state from the sale of any real property and/or improvements within the capital center special development district to the Rhode Island economic development corporation shall be deposited by the general treasurer into the Providence River relocation – Memorial Boulevard extension project fund created by § 42-95-1.

(c) Notwithstanding the provisions of any general or public law to the contrary, all money received by the state from the sale of any real property and/or improvement authorized in § 37-7.1-1(c) shall be deposited and held by the general treasurer in a restricted receipt account, excepting proceeds received from the sale of the Sockanosset Cross Road property described in § 37-7.1-1(c), which shall be deposited into the general fund of the state. All other restricted proceeds shall be held and used for the replacement of capital facilities and acquisition of land, and shall be expended therefor by the director of administration with the approval of the governor. The general assembly shall appropriate the funds from the restricted receipts accounts used as the depository for the funds received pursuant to § 37-7.1-1(c).

(d) Notwithstanding the provisions of any general or public law to the contrary, all money received by the state from the sale of the real property and/or improvements authorized in § 37-7.1-1(e) shall be used for the payment of the purchase price of real property and the costs and expenses related to its acquisition.

(e) Notwithstanding the provisions of any general or public law to the contrary, all money received by the state from the sale of the real property and/or improvements authorized in § 37-7.1-1(f) shall be paid into the general fund.

History of Section.
(P.L. 1984, ch. 286, § 1; P.L. 1985, ch. 368, § 1; P.L. 1988, ch. 129, art. 29, § 1; P.L. 1990, ch. 65, art. 87, § 1; P.L. 1990, ch. 65, art. 88, § 1.)