R.I. Gen. Laws § 44-19-40 — Disposition of revenue

(a) Notwithstanding any other provisions of law to the contrary, all monies received by
the tax administrator under the provisions of chapters 18 and 19 of this title will
be paid over to the general treasurer; provided, that for the fiscal year commencing
July 1, 2000, and until such time that the trustee for the bonds of the Rhode Island
Depositors Economic Protection Corporation notifies the Corporation that all bonds
and fees are paid in full or deemed to be paid in full, six-tenths of one percent
(0.6%) within the existing sales and use tax rates established in §§ 44-18-18 and 44-18-20, exclusive of any receipts resulting from any expansion of the coverage of the sales
and use taxes through legislation enacted subsequent to February 1, 1993, is appropriated
to the Rhode Island Depositors Economic Protection Corporation special revenue fund
within the Rhode Island Depositors Economic Protection Corporation established pursuant
to § 42-116-31 for the purposes specified in chapter 116 of title 42. In clarification of the intent of the legislature, six-tenths of one percent (0.6%)
within the existing sales and use tax rates established in chapter 18 of this title
exclusive of any receipts resulting from any expansion of the coverage of the sales
and use taxes through legislation enacted subsequent to February 1, 1993, will be
dedicated to the special revenue fund created by § 42-116-31 subject to the making of an annual appropriation by the general assembly of those
sales and use tax receipts. Provided, that the net taxes received and/or refunded
through and including July 31, 2000, are deemed to be for the periods ending prior
to July 1, 2000, and net taxes received and/or refunded on or after August 1, 2000,
are deemed to be for periods ending on July 1, 2000, and thereafter. The state controller
shall establish an escrow account within the general fund to be known as the “depositor’s
protection account.”
(b) The state controller is authorized and directed to draw his or her orders upon the
general treasurer for the transfer of the sum or the portion of the sum from the depositor’s
protection account to the special revenue fund. These transfers will be made at the
end of each calendar month.