The proceeds of the assessments, whether or not pledged for the payment of securities, shall be segregated from other funds of the municipality, and shall be used only to pay for the construction of the erosion control system or particular portion thereof in respect to which the assessments are made or, as the case may be, for the payment of the interest on, or principal of, any securities issued to pay for the system or particular part thereof.
R.I. Gen. Laws § 46-3-15
Application of assessment proceeds
Known as the Shore Development Act
The act spans §§ 46–46 (20 sections).
P.L. 1956, ch. 3837, § 10; G.L. 1956, § 46-3-15.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.