It is enacted by the General Assembly as follows:

SECTION 1. The state of Rhode Island and Providence Plantations is hereby authorized to borrow in fiscal year 1995 in anticipation of receipts from taxes such sum or sums of money at such time or times and upon such terms and conditions not inconsistent with the provisions and limitations of section 17 of article VI of the constitution of Rhode Island as the general treasurer, with the advice of the governor, shall deem to be in the best interests of said state, provided that the amounts so borrowed in fiscal year 1995 shall not exceed the sum of two hundred million dollars ($200,000,000). The state is hereby further authorized to give its promissory note or notes signed by the general treasurer and countersigned by the secretary of state for the payment of any sum so borrowed. The sums borrowed shall be invested by the general treasurer until such time as they are needed.

The interest income earned from such investments shall be used to pay the interest on the promissory note or notes and the expense of issuing the promissory note or notes, provided that this is not prohibited by federal law or regulation, and the balance remaining at the end of fiscal year 1995, if any, shall be used toward the payment of long term debt service of the state.

SECTION 2. This act shall take effect upon passage.