R.I. Gen. Laws § 46-12.2-16
Bonds issued by the agency under this chapter or chapter 24-18 and local governmental obligations issued hereunder are hereby made securities in which all public officers and agencies of the state and its political subdivisions, all insurance companies, trust companies in their commercial departments, savings banks, cooperative banks, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly invest funds, including capital in their control or belonging to them. The bonds and local governmental obligations are hereby made securities which may properly be deposited with and received by any state or municipal officer of any agency or political subdivision of the state for any purpose for which the deposit of bonds or obligations of the state or any political subdivision is now or may hereafter be authorized by law.
R.I. Gen. Laws § 46-12.2-16