§ 46-15.3-10. Water quality protection funds. (a)(1) There are hereby created three (3) water quality protection funds: one of which shall be administered by and be in the custody of the treasurer of the water resources board, one of which shall be administered by and be in the custody of the city of Providence acting through the Providence water supply board, and one of which shall be in the custody of the general treasurer. The first two (2) mentioned funds shall consist of such amounts as the state or the city of Providence may from time to time appropriate, all water quality protection charges other than the six and nine tenths percent (6.9%) and fifty-seven percent (57.0%) portions referred to in § 46-15.3-9, proceeds from the sale of bonds and notes, as provided in subsection (b) below, and any money which may have been obtained as grants, bequests, donations, gifts, or fines which are intended to be used for purposes consistent with this chapter. This third mentioned fund shall be hereby established as a general revenue receipt account known as the "water resources operating fund".

(2) The general revenue appropriations made available from the general revenue receipts credited to "Water Resources Operating Fund" shall be used for the administration and support of the water resources board.

(b) The water resources board shall borrow money and issue its notes and bonds therefor, for the purposes set forth in this chapter, and pursuant to the authority and the procedures set forth in chapter 15.1 of this title, which shall be secured by pledging or assigning, in whole or in part, the revenues and other monies held or to be deposited in the water quality protection funds and any other revenues derived under this chapter.

(c) Any supplier with its own water quality protection fund may borrow money, and/or issue its bonds or notes therefor, or may lease public facilities or public equipment for the purposes set forth in this chapter. The supplier must secure any borrowings, bonds, notes, or leases by pledging or assigning, in whole or in part, the revenues and other monies held by it in its own water quality protection fund.

(d) All amounts in the water quality protection fund, water quality protection charges, and any other revenues of the water resources board, excluding those deposited as general revenues, received under the provisions of this chapter shall be deemed to be trust funds to be held and applied solely as provided in this chapter and chapter 15.1 of this title.

(e) Any money which may accumulate in the water quality protection funds, which is in excess of that pledged to repayment of outstanding bonds or notes or lease payments or loan repayments at any given time, may be used directly for eligible expenditures from the fund and shall be disbursed for these purposes in accordance with § 46-15.3-11.

History of Section. (P.L. 1987, ch. 417, § 1; P.L. 1990, ch. 65, art. 39, § 1; P.L. 1991, ch. 44, art. 19, § 2; P.L. 1992, ch. 468, § 2; P.L. 1995, ch. 370, art. 40, § 160; P.L. 2002, ch. 65, art. 13, § 13.)