Title 23
Health and Safety

Chapter 99
The Rhode Island Life Science Hub Act

§ 23-99-6. Hub investment fund.

(a) There shall be established and placed within the hub, a fund or funds to be known as the Rhode Island life science investment fund, to be held by the hub to finance the operations and initiatives of the hub. The investment fund shall be credited any appropriations, bond proceeds, federal grants, or loans, or other such additional funds as are subject to the direction and control of the hub, which may properly be applied in furtherance of the objectives of the hub.

(b) The investment fund shall be held and applied by the hub to make investments, grants, research and other funding, or loans designed to advance the field of life science in the state.

(c) The state shall not be liable for the payment of the principal of, or interest on, any bonds or notes of the hub, or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever that may be undertaken by the hub, and none of the bonds or notes of the hub nor any of its agreements or obligations shall be construed to constitute an indebtedness of the state. Payments related to any transaction involving, or investment by, the hub shall be payable solely from the assets, property, or revenues of the hub.

(d) All monies received by the hub pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, are deemed to be trust funds to be held and applied solely as provided in this chapter. Any officer with whom, or any bank or trust company with which, the monies are deposited, shall act as trustee of the monies and shall hold and apply the monies for the purposes of this chapter, subject to regulations as this chapter and the resolution authorizing the bonds of any issue or the trust agreement securing the bonds may provide.

(e) The board shall promulgate rules, regulations, or guidelines necessary to carry out the provisions of this section.