R.I. Gen. Laws § 45-27-20: Security for deposits by authority.

The authority may by resolution provide that:

(1) All moneys deposited by it are secured by obligations of the United States or of the state, of a market value equal at all times to the amount of the deposits, or

(2) By any securities in which savings banks may legally invest funds within their control or by an undertaking with sureties approved by the authority, faithfully to keep and pay over, upon the order of the authority, those deposits and agreed interest. All banks and trust companies are authorized to give security for those deposits.