R.I. Gen. Laws § 45-12-28: Permitted temporary investments for bond proceeds.

Notwithstanding any contrary provision of general or special law, towns and cities may invest proceeds of any bond or note available during the period before those proceeds are needed for the purpose for which the bonds or notes were issued, in investments described in § 35-10-11. A city council or town council may adopt an ordinance or resolution limiting the permitted investments under § 35-10-11 to investments meeting specified standards of creditworthiness.