(a) There is created a special designated account to be known as the "Block Island housing fund." The fund shall be administered by the board and expenditures from the fund are made only to implement and effectuate the policies and purposes of this chapter. Funds shall consist of monies or in-kind donations from whatever source. These may include, but are not limited to, monies from the general treasury of the town, seasonal house rental taxes of no more than one percent (1%) of prevailing market rate, contributions from private or public sources, loans from private or financial institutions, grants, gifts or bequests.
(b) No funds shall be transferred from the housing trust account for investment or any other purpose without prior approval by the housing trust board.
(c) Unexpended balances and any earnings shall not revert to the town general fund but shall remain in the housing fund for use in accord with the purposes of this chapter.
History of Section.
P.L. 2002, ch. 45, § 1; P.L. 2002, ch. 51, § 1.