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art.021/3/020/2/021/1

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ARTICLE 21

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RELATING TO RHODE ISLAND PUBLIC TRANSIT AUTHORITY

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     SECTION 1. Section 42-11-2.4 of the General Laws in Chapter 42-11 entitled

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"Department of Administration" is hereby amended to read as follows:

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      42-11-2.4. State Fleet Replacement Revolving Loan Fund. -- (a) There is hereby

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created as a separate fund within the treasury to be known as the state fleet replacement revolving

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loan fund which shall be administered by the general treasurer in accordance with the same laws

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and fiscal procedures as the general funds of the state. This fund, hereafter referred to as the

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"revolving loan fund", shall consist of such sums as the state may from time to time appropriate,

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as well as money received from the disposal of used vehicles, loan, interest and service charge

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payments from benefiting state agencies, as well as interest earnings, money received from the

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federal government, gifts, bequests, donations, or otherwise from any public or private source.

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     (b) This fund shall be used for the purpose of acquiring motor vehicles, both new and

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used, and vehicle-related equipment and attachments for state departments and agencies.

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     (c) The proceeds from the repayment of any loans made for the purposes authorized

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under this chapter shall be deposited in and returned to the revolving loan fund in order to

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constitute a continuing revolving fund for the purposes listed above.

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     (d) The office of state fleet operations of the Rhode Island department of administration

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shall adopt rules and regulations consistent with the purposes of this chapter and chapter 35 of

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title 42, in order to provide for the orderly and equitable disbursement and repayment of funds

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from the revolving loan fund.

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      (e) Provided; however, a total of four million two hundred thousand dollars ($4,200,000)

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shall be made available as a direct grant from the revolving loan fund for the required twenty

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percent (20%) match for the Rhode Island Public Transit Authority to obtain federal funds to

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purchase buses through FY 2017. Any such sums need not be repaid to the revolving loan fund.

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     SECTION 2. This article shall take effect upon passage.