Section 45-33.2-1. – Short title.
§ 45-33.2-1. Short title. This chapter may be referred to and cited as the “Municipal Tax Increment Financing Act.” History of Section.P.L. 1984, ch. 78, § 1; P.L. 2018, ch. 156, § 3; P.L. 2018, ch. 292, § 3.
Section 45-33.2-10. – Refunding bonds.
§ 45-33.2-10. Refunding bonds. A city or town may, subject to any applicable provisions of § 45-12-5.2, issue refunding bonds for the purpose of paying any of its bonds issued under this chapter at maturity or upon acceleration or redemption. The refunding bonds may be issued at a time prior to the maturity or redemption […]
Section 45-33.2-11. – Credit of municipality not pledged.
§ 45-33.2-11. Credit of municipality not pledged. The bonds and notes issued under this chapter are payable solely from project revenues. These bonds and notes shall not at any time be included in the debt of the city or town for the purpose of ascertaining its legal borrowing capacity. History of Section.P.L. 1984, ch. 78, […]
Section 45-33.2-12. – Investment of funds.
§ 45-33.2-12. Investment of funds. Subject to any agreement securing bonds or notes issued under this chapter, the proceeds of the bonds or notes, pledged tax increments, and other project revenues may be deposited or invested in: (1) Obligations of the state or the United States; (2) Obligations of the principal and interest of which […]
Section 45-33.2-13. – Trust funds.
§ 45-33.2-13. Trust funds. All project revenues received pursuant to the provisions of this chapter which have been pledged as security, including, without limiting the generality of the preceding, security for the repayment of bonds issued pursuant to § 45-33.2-6, are deemed to be trust funds to be held and applied solely as provided in […]
Section 45-33.2-14. – Remedies of bondholders and noteholders.
§ 45-33.2-14. Remedies of bondholders and noteholders. Any holder of bonds or notes issued under this chapter, or of any of the coupons appertaining to those bonds and notes, and the trustee under any trust agreement securing the bonds or notes, except to the extent the rights herein given may be restricted by any agreement […]
Section 45-33.2-15. – Bonds and notes as legal instruments.
§ 45-33.2-15. Bonds and notes as legal instruments. Bonds and notes issued under the provisions of this chapter are securities in which all public officers and public bodies 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, […]
Section 45-33.2-16. – Bonds and notes as investment securities.
§ 45-33.2-16. Bonds and notes as investment securities. Notwithstanding any of the provisions of this chapter or any recitals in any bond or notes issued under this chapter, all bonds and notes are deemed to be investment securities under the Uniform Commercial Code, §§ 6A-1-101 — 6A-9-507. History of Section.P.L. 1984, ch. 78, § 1.
Section 45-33.2-17. – Exemption from taxation.
§ 45-33.2-17. Exemption from taxation. The bonds and notes issued under this chapter, their transfer and their income, including any profit made on their sale, are at all times free from taxation within the state. History of Section.P.L. 1984, ch. 78, § 1.
Section 45-33.2-18. – Annual report.
§ 45-33.2-18. Annual report. No later than September 1 of each year a project plan pursuant to this chapter is in effect in a city or town, the city or town shall make a report to the director of the department of economic development. The annual report shall review for the preceding fiscal year the […]
Section 45-33.2-19. – Provisions supplementary.
§ 45-33.2-19. Provisions supplementary. The preceding provisions of this chapter are deemed to provide an additional and alternative means for the doing of things authorized by it, and are regarded as supplemental and additional to, and not in derogation of, powers conferred upon cities and towns by other laws. History of Section.P.L. 1984, ch. 78, […]
Section 45-33.2-2. – Legislative findings.
§ 45-33.2-2. Legislative findings. It is found and declared that for the public health, safety, morals, and welfare of the people of the state generally, the increase of their commerce, welfare, and prosperity and the improvement of their housing, employment and educational opportunities and general living conditions, as well as in order to remedy the […]
Section 45-33.2-20. – Severability.
§ 45-33.2-20. Severability. The provisions of this chapter are severable, and if any provision thereof shall be held invalid in any circumstances, invalidity shall not affect any other provisions or circumstances. This chapter shall be construed in all respects so as to meet all constitutional requirements. In carrying on the purposes and provisions of this […]
Section 45-33.2-21. – Tax limitations.
§ 45-33.2-21. Tax limitations. (a) Except as provided below, a tax increment shall be included in the calculation of the maximum tax a city or town may levy pursuant to the provisions of § 44-5-2. (b) To the extent that inclusion of a tax increment in a tax levy causes a municipality to exceed the […]
Section 45-33.2-22. – Alternate tax increment provisions.
§ 45-33.2-22. Alternate tax increment provisions. Section 45-33.2-3.1 and §§ 45-33.2-22 through 45-33.2-28 are intended to modernize the laws of the state governing tax increment financing to facilitate economic development in the state. Section 45-33.2-3.1 and §§ 45-33.2-22 through 45-33.2-28 shall be construed to provide a complete, additional, and alternative method for performing the things […]
Section 45-33.2-23. – Establishment of tax increment district — Powers within tax increment district.
§ 45-33.2-23. Establishment of tax increment district — Powers within tax increment district. (a) A city or town council may establish a tax increment district located wholly within the boundaries of such city or town in accordance with the requirements of § 45-33.2-3.1 and §§ 45-33.2-22 through 45-33.2-28. Establishment of a tax increment district is […]
Section 45-33.2-24. – Reserved.
§ 45-33.2-24. Reserved.
Section 45-33.2-25. – Planning commission advisory opinion — Conditions for tax increment district.
§ 45-33.2-25. Planning commission advisory opinion — Conditions for tax increment district. Prior to the establishment of a tax increment district and approval of a tax increment district master plan for such tax increment district, a city or town council shall: (1) Find that the proposed tax increment district and tax increment district master plan […]
Section 45-33.2-26. – Adoption of tax increment district master plan.
§ 45-33.2-26. Adoption of tax increment district master plan. (a) In connection with the establishment of a tax increment district, a city or town council shall adopt a tax increment district master plan for each tax increment district and a statement of the percentage or stated sum of increased assessed value to be designated as […]
Section 45-33.2-27. – Designation of tax increment revenues.
§ 45-33.2-27. Designation of tax increment revenues. (a) In the tax increment district master plan, a city or town may designate all or part of the tax increment revenues generated from the increased assessed value of a tax increment district for the purpose of financing all or part of the tax increment district master plan. […]