R.I. Gen. Laws § 35-8.1-22: Bonds constitute legal investment.

Bonds issued by the authority under the provisions of this chapter are securities in which all public officers and public bodies of the state and its political subdivisions, insurance companies, trust companies, banking associations, investment companies, credit unions, building and loan associations, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. The bonds are securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds or obligations is authorized by law.