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Rhode Island. Board of Commissioners of Sinking Funds (1875-1935) | State Archives Catalog

Name: Rhode Island. Board of Commissioners of Sinking Funds (1875-1935)
Fuller Form: Rhode Island. Board of Commissioners of Sinking Funds

Historical Note:

The sinking fund was administered by the Commissioner of the Sinking Fund established in 1875 per Public Law Chapter 463 (AN ACT TO ESTABLISH A BOARD OF COMMISSIONERS OF SINKING FUNDS).  The board consisted of the governor, general treasurer, state auditor, the chairman of the standing committees on finance of the senate and house of representatives, and two persons to be elected by the two houses in grand committee.

Powers and duties included the control and management of all sinking funds established for the redemption of any bonds or certificates of indebtedness and the investing of all monies received by them.  Records of accounts were to be deposited with the General Treasurer.  The Governor served as chairman and the state auditor served as secretary.  Sums of money remaining in the hands of the commissioners after redemption of mature bonds would be added to the sinking funds not yet matured.

The administration of the state’s sinking fund became part of the Office of the General Treasurer per 1935 Public Law 2250 and was further enumerated in 1939 Public Law 660.

Presently, the sinking fund commission is governed by RIGL 35-8-3 http://webserver.rilin.state.ri.us/Statutes/TITLE35/35-8/35-8-3.HTM

Sources: 1875 Public Law Chapter 463, 1935 Public Law Chapter 2250 and 1939 Public Law Chapter 660
Note Author: TC

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