§ 42-64-1. Short title. This chapter shall be known as “The Rhode Island commerce corporation Act.” History of Section.P.L. 1974, ch. 100, § 14; P.L. 1986, ch. 198, § 38; P.L. 1995, ch. 370, art. 12, § 8; P.L. 2013, ch. 243, § 3; P.L. 2013, ch. 490, § 3.
§ 42-64-1.1. Change of name. (a) The corporation known as the “Rhode Island Economic Development Corporation” shall now be known as the “Rhode Island Commerce Corporation.” Whenever in any general law, public law, rule, regulation and/or bylaw, reference is made to the “department of economic development” or the “Rhode Island port authority and economic development […]
§ 42-64-10. Findings of the corporation. (a) Except as specifically provided in this chapter, the Rhode Island commerce corporation shall not be empowered to undertake the acquisition, construction, reconstruction, rehabilitation, development, or improvement of a project, nor enter into a contract for any undertaking or for the financing of this undertaking, unless it first: (1) […]
§ 42-64-11. Disposition of projects. (a) Notwithstanding the provisions of any other law, the Rhode Island commerce corporation may sell or lease to any person, firm, partnership, or corporation, or to any local redevelopment agency, or to any state or federal agency or instrumentality, or to any municipality or political subdivision of the state empowered […]
§ 42-64-12. Community advisory committees. (a) The Rhode Island commerce corporation may establish one or more local or regional community advisory committees to consider and advise the corporation upon matters submitted to them by the corporation concerning the development of any area or any project, and may establish rules and regulations with respect to those […]
§ 42-64-13. Relations with municipalities. (a)(1) With respect to projects situated on federal land, the Rhode Island commerce corporation is authorized to plan, construct, reconstruct, rehabilitate, alter, improve, develop, maintain, and operate projects: (i) in conformity with the applicable provisions of chapter 1 of title 2 except that the projects shall not require the approval […]
§ 42-64-13.1. Assistance to urban communities for economic revitalization. (a) The Rhode Island commerce corporation shall, in furtherance of its responsibility to assist urban communities, provide for the establishment of an urban enterprise equity fund, the establishment of an urban business incubator, and such other programs and activities as the corporation may deem appropriate to […]
§ 42-64-13.2. Renewable energy investment coordination. (a) Intent. To develop an integrated organizational structure to secure for Rhode Island and its people the full benefits of cost-effective renewable energy development from diverse sources. (b) Definitions. For purposes of this section, the following words and terms shall have the meanings set forth in § 42-64-3 unless […]
§ 42-64-14. Relations with state agencies. (a) In planning and carrying out projects, the Rhode Island commerce corporation shall conform to the applicable provisions of the state guide plan as that plan may from time to time be altered or amended. In determining whether its proposed projects are in conformity with the state guide plan, […]
§ 42-64-14.1. Exclusive jurisdiction of general assembly to approve or deny oil refinery or nuclear plant project plans. The final approval or denial of a project plan for the location and construction of an oil refinery or a nuclear plant within the state is hereby expressly reserved to the general assembly notwithstanding any general or […]
§ 42-64-15. Bonds and notes of the corporation. (a) The Rhode Island commerce corporation shall have the power and is authorized to issue from time to time its negotiable bonds and notes in one or more series in any principal amounts as in the opinion of the corporation shall be necessary to provide sufficient funds […]
§ 42-64-16. Short-term notes. Money borrowed by the Rhode Island commerce corporation for the purpose of providing temporary financing of a project or projects or combination of projects pending the issuance of bonds or other notes, shall be evidenced by notes or other obligations. The principal and interest of all notes or other obligations of […]
§ 42-64-17. Security for bonds or notes. (a) The principal of and interest on any bonds or notes issued by the Rhode Island commerce corporation may be secured by a pledge of any revenues and receipts of the corporation and may be secured by a mortgage or other instrument covering all or any part of […]
§ 42-64-18. Reserve funds and appropriations. To assure the continued operation and solvency of the Rhode Island commerce corporation for the carrying out of its corporate purposes: (1) The corporation may create and establish one or more special funds, “capital reserve funds,” and may pay into each capital reserve fund: (i) any moneys appropriated and […]
§ 42-64-19. Trust funds. All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or notes or as revenues, receipts, or income, and moneys held by the Rhode Island commerce corporation in the tire site remediation account established pursuant to § 23-63-4.1, shall be trust funds to […]
§ 42-64-2. Legislative findings. (a) It is found and declared that there exists in our state a condition of substantial and persistent unemployment and underemployment which causes hardship to many individuals and families, wastes vital human resources, increases the public assistance burdens of the state, impairs the security of family life, contributes to crime and […]
§ 42-64-20. Exemption from taxation. (a) The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of this state, the increase of their commerce, welfare, and prosperity and for the improvement of their health and living conditions and will constitute the performance of an essential […]
§ 42-64-20.1. Procedure. (a) A resolution by the board of directors of the corporation that adopts confirming use of the tax exemption for a project by the lessee as required in § 42-64-20(c) shall be deemed to have been approved by the general assembly when the general assembly passes a concurrent resolution of approval which […]
§ 42-64-21. Notes and bonds as legal investments. The notes and bonds of the Rhode Island commerce corporation are made securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, […]
§ 42-64-22. Agreement of the state. The state does pledge to and agree with the holders of any bonds or notes issued under this chapter that the state will not limit or alter the rights vested in the Rhode Island commerce corporation to fulfill the terms of any agreements made with the holders until the […]
