It is enacted by the General Assembly as follows:

SECTION 1. Section 35-9-1 of the General Laws in Chapter 35-9 entitled "Touro Funds" is hereby amended to read as follows:

{ADD 35-9-1. Abraham Touro fund. -- ADD} * * *

"Section 1. Be it enacted by the general assembly, and by the authority thereof it is enacted, That said legacy and trust be and hereby are accepted by the general assembly; and the general treasurer is authorized and directed to apply for and receive from said executor the said legacy or donation of ten thousand dollars ($10,000), to give all proper receipts and acquittances therefor upon receipt thereof, and as soon as possible to vest the same entire in the stocks of some substantial bank or banks, or in some of the United States stocks; {ADD and thereafter cause the same to be invested by the state investment commission in accordance with the prudent investor rule ADD} and the certificates or evidences of such stock shall be carefully kept by said general treasurer in his or her office {ADD or by a custodian. ADD} {DEL ; and it DEL} {ADD It ADD} shall be the duty of said general treasurer once in every year to report to the general assembly the state of said fund.

"Section 2. And be it further enacted, that the city council of Newport may, and it shall be their duty to cause all repairs to be made, which in their opinions shall be necessary and proper, upon said Jewish synagogue, upon the walls enclosing the Jewish burying ground in Newport appertaining to the synagogue, and thereafter, so far as funds may be available, to apply the same toward the maintenance of that part of the synagogue premises known as the community building and to pay such other expenses as said city council may deem necessary and proper, the total expenditures herein authorized, however, not to exceed in any {DEL one (1) year the annual income DEL} {ADD twelve (12) month period, four and one-half percent (4 1/2%) of the value ADD} of the Abraham Touro fund {ADD as measured on March 31 of each such period ADD} ; provided, that all said expenditures shall be first approved by the president or vice president and by the secretary or treasurer of the board of officers of the Congregation Jeshuat Israel, worshiping in said synagogue, and by any one (1) of the trustees selected by said congregation under the provisions of SECTION 7 of this act; and whenever there shall be no person of the Jewish persuasion residing in Newport and qualified and authorized to have the care and superintendence of said synagogue, said council shall appoint some suitable person or persons for that purpose, with such compensation as said council with the approbation of the general assembly, shall think reasonable; and provided, further, that nothing in this act shall be construed to authorize said city council or any other person whatever in any manner to interfere with or restrain the full and free exercise of the Jewish religion in said synagogue by any individual of that faith residing in Newport, or to interrupt the possession, control and management with which the proprietors of said synagogue and premises, or any other persons according to the laws and customs of the Jews, may be vested.

"Section 3. * * *

"Section 4. And be it further enacted that the city council of Newport be, and they are hereby authorized from time to time, as occasion may require, to draw on the general treasurer {DEL for the annual income of the Abraham Touro fund, or so much thereof as may be necessary, DEL} {ADD in each twelve (12) month period, an amount not to exceed in any such period four and one half percent (4 1/2%) of the value of the Abraham Touro fund as measured on March 31 of each such period, ADD} to pay for the expenditures authorized under SECTION 2 hereof, and that said council shall make detailed report of their expenditures to the general assembly annually at the .

"Section 5. The {DEL general treasurer DEL} {ADD state investment commission ADD} shall have the care and management of this fund, with full power to regulate the custody and safekeeping of all moneys and evidences of property belonging thereto; {DEL he or she DEL} {ADD it ADD} shall {DEL deposit DEL} {ADD invest ADD} , subject to {DEL his or her DEL} {ADD its, ADD} order, to the use of this fund, all dividends, interest, or income arising therefrom, {ADD in accordance with the prudent investor rule and it ADD} i {DEL n such bank or banks, trust company or trust companies, as he or she may now deposit state funds, he or she may invest and reinvest, in his or her discretion, surplus dividends, interest and income, in the capital stock of safe and responsible bank or banks, or in bonds of the United States, or of towns or cities within this state, and change and vary existing investments thereof, and he or she DEL} may sell and dispose of any or all of such investments so made, when necessary to meet the draft of the city council of Newport as provided in Section 4 of this act.

"Section 6. * * *

"Section 7. * * *

"Section 8. * * *

"Section 9. * * *

{ADD Section 10. Notwithstanding any provision of chapter 35-9 of the general laws to the contrary, on or after July 1, 1995, the president or vice president and the secretary or the treasurer of the board of officers of the Congregation Jeshuat Israel worshipping in said synagogue are hereby authorized from time to time, as occasion may require, to draw on the general treasurer in each twelve (12) month period, an amount not to exceed in any such period four and one-half percent (4 1/2%) of the value of the Abraham Touro fund as measured on March 31 of each such period to pay for expenditures authorized by said Congregation in conformance with its charter and bylaws, without the necessity of first obtaining the approval of the city council of Newport. The aforementioned officers of the Congregation shall annually make a detailed report of said expenditures to the city council of Newport. ADD}

SECTION 2. {ADD Severability. -- ADD} If any provision of this chapter or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of the chapter, which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are declared to be severable.

SECTION 3. This act shall take effect upon passage.