Section 35-12-1. – Short title.

§ 35-12-1. Short title. This chapter shall be known as the “University of Rhode Island Research Corporation Act.” History of Section.P.L. 1982, ch. 324, § 1.

Section 35-12-10. – Trust funds.

§ 35-12-10. Trust funds. All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of notes or as revenues, receipts, or income, shall be trust funds to be held and applied solely as provided in the proceedings under which the notes are authorized. Any officer with whom, or any […]

Section 35-12-11. – Exemption from taxation.

§ 35-12-11. Exemption from taxation. The corporation shall not be required to pay state taxes of any kind, and the corporation, and its property and money, shall at all times be free from taxation of every kind by the state. History of Section.P.L. 1982, ch. 324, § 1.

Section 35-12-12. – Notes as legal investments.

§ 35-12-12. Notes as legal investments. The notes of the corporation are hereby made securities in which all public officers and bodies of this state and municipalities and municipal subdivisions, all companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks, and savings associations, including savings and […]

Section 35-12-13. – Agreement of the state.

§ 35-12-13. Agreement of the state. The state does hereby pledge to and agree with the holders of any notes issued under this chapter, that the state will not limit or alter the rights vested in the corporation to fulfill the terms of any agreements made with the holders until these notes, together with the […]

Section 35-12-14. – Credit of the state.

§ 35-12-14. Credit of the state. Obligations issued under the provisions of this chapter shall not constitute a debt, liability, or obligation of the state or of any political subdivision thereof other than the corporation, or a pledge of the faith and credit of the state or any political subdivision other than the corporation, but […]

Section 35-12-15. – Sale of accounts.

§ 35-12-15. Sale of accounts. Notwithstanding the provisions of any other statute to the contrary, the president of the university is authorized and empowered to sell accounts to the corporation for such consideration and upon such terms and conditions as the president shall approve. History of Section.P.L. 1982, ch. 324, § 1.

Section 35-12-16. – Annual report and audit.

§ 35-12-16. Annual report and audit. The corporation shall submit to the board of governors for higher education, within four (4) months after the close of its fiscal year, a report of its activities for the preceding fiscal year. The report shall set forth a complete operating and financial statement covering the corporation’s operations during […]

Section 35-12-17. – Chapter controlling over inconsistent provisions.

§ 35-12-17. Chapter controlling over inconsistent provisions. Insofar as the provisions of this chapter are inconsistent with the provisions of any other law or ordinance, general, special or local, the provisions of this chapter shall be controlling. History of Section.P.L. 1982, ch. 324, § 1.

Section 35-12-18. – Construction with other statutes.

§ 35-12-18. Construction with other statutes. Nothing in this chapter shall restrict or limit the powers of the corporation arising under any laws of this state. This chapter shall be construed to provide a complete additional and alternative method for doing the things authorized by this chapter and shall be regarded as supplemental and in […]

Section 35-12-19. – Liberal construction.

§ 35-12-19. Liberal construction. This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effectuate its purposes. History of Section.P.L. 1982, ch. 324, § 1.

Section 35-12-2. – Purpose and findings.

§ 35-12-2. Purpose and findings. The purpose of this chapter is to authorize and implement a system of financial planning which would allow the university of Rhode Island (the “university”) to more accurately match revenues and expenditures for externally funded research programs for each fiscal year. The general assembly has found and hereby declares that […]

Section 35-12-20. – Severability.

§ 35-12-20. Severability. If any clause, sentence, paragraph, section, or part of this chapter shall be adjudged by any court of competent jurisdiction to be invalid, that judgment shall not affect, impair, or invalidate the remainder of this chapter, but shall be confined in its operation to the clause, sentence, paragraph, section, or part directly […]

Section 35-12-3. – Definitions.

§ 35-12-3. Definitions. As used in this chapter, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or intent: (1) “Accounts” means accounts receivable, representing amounts due or owing to the university from contracts with the federal government or other independent entities for research activities […]

Section 35-12-4. – Creation — Powers — Construction of chapter — Termination.

§ 35-12-4. Creation — Powers — Construction of chapter — Termination. (a) There is hereby authorized, created, and established a public corporation of the state having a legal existence distinct from the state and not constituting a department of state government, to be known as the university of Rhode Island research corporation, with such powers […]

Section 35-12-5. – General powers.

§ 35-12-5. General powers. The corporation shall have all the powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including, but not limited to, the power to: (1) Sue and be sued, complain and defend, in its corporate name; (2) Have a seal which may be altered at […]

Section 35-12-6. – Additional powers.

§ 35-12-6. Additional powers. In addition to the powers enumerated in § 35-12-5, the corporation shall have power to: (1) Purchase accounts from the university for such consideration and upon such terms and conditions as the corporation shall determine; (2) Pledge purchased accounts as security for any borrowings undertaken by the corporation or sell the […]

Section 35-12-7. – Directors and officers.

§ 35-12-7. Directors and officers. (a) The powers of the corporation shall be vested in a board of directors consisting of the following seven (7) members: (1) Chairperson of the board of governors for higher education; (2) Commissioner of higher education; (3) State budget officer; (4) President of the university; (5) Vice president for business […]

Section 35-12-8. – Notes of the corporation.

§ 35-12-8. Notes of the corporation. (a) The corporation shall have the power and is authorized to issue from time to time negotiable notes in one or more series, in such principal amounts as in the opinion of the corporation shall be necessary to provide sufficient funds for achieving its purposes, including: (1) Payment of […]

Section 35-12-9. – Security for notes.

§ 35-12-9. Security for notes. (a) The principal of and interest on any notes issued by the corporation may be secured by a pledge or assignment of any revenues and receipts of the corporation and may be secured by a security interest or other instrument covering all or any part of one or more accounts […]