R.I. Gen. Laws § 35-10.2-2: Purpose.

The purpose of this chapter is to enable eligible governmental entities to participate with the state in providing maximum opportunities for the investment of public funds consistent with safety and protection of such funds. It is the intention of the general assembly in enabling the general treasurer with the approval of the state investment commission to establish the said investment pools, that the general treasurer and state investment commission consider the importance of retaining deposits with the banks located and operating within the state, that further consideration be given to a bank’s commitment to the various communities within the state, the bank’s role as an employer within the state, as well as the bank’s commitment to the growth of economic development within the state.