§ 45-37.1-1. Declaration of policy. It is declared that there is a need for the further development of industrial and recreational facilities within the state, a need to induce, encourage, and facilitate industrial development by the expansion of railroad transportation facilities and otherwise, and there is a need for the abatement or control of pollution […]
§ 45-37.1-10. Bonds and notes eligible for investment. Bonds and notes issued by the corporation 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, credit unions, building and loan associations, trust companies, banking associations, investment companies, executors, administrators, […]
§ 45-37.1-11. Annual report and audit. Within four (4) months after the close of each fiscal year of the corporation, it shall make a report to the governor of its activities for the preceding fiscal year, and the report shall disclose a complete operating and financial statement covering the corporation’s operations during the preceding fiscal […]
§ 45-37.1-12. State not liable — Exceptions. Except for any obligations secured by mortgages which are insured by the Rhode Island industrial recreational building authority, the state is not liable for the payment of the principal of or interest on any bonds or notes of the corporation, or for the performance of any pledge, mortgage, […]
§ 45-37.1-13. Procedure before undertaking project. Notwithstanding any other provision of this chapter, the corporation is not empowered to undertake any project authorized by this chapter unless, prior to the issuance of any bonds under this chapter, it finds that: (1) The acquisition and construction of the project will eliminate or prevent unemployment, either in […]
§ 45-37.1-14. No authority to operate as a business. The corporation does not have the power to operate any project owned by it as a business or in any other manner, except as the lessor of a project. History of Section.P.L. 1967, ch. 11, § 1.
§ 45-37.1-15. Agreement of the state. The state of Rhode Island does hereby pledge to and agree with the holders of any bonds or notes issued under this chapter, and with those parties who may enter into contracts with the corporation pursuant to the provisions of this chapter, that the state will not limit or […]
§ 45-37.1-16. Corporation designated as local development corporation. For purposes of chapter 34 of title 42, it is hereby found and declared that the corporation is a “local development corporation” within the meaning of § 42-34-6. History of Section.P.L. 1980, ch. 229, § 11; P.L. 1981, ch. 419, § 6; P.L. 1988, ch. 84, § […]
§ 45-37.1-17. Chapter cumulative — No notice required. Neither this chapter nor anything contained in this section shall be construed as a restriction or limitation upon any powers which the Rhode Island industrial facilities corporation might otherwise have under any laws of this state, but shall be construed as cumulative of those powers. The preceding […]
§ 45-37.1-18. Chapter liberally construed. This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effect its purposes. History of Section.P.L. 1967, ch. 11, § 1; P.L. 1980, ch. 229, § 13.
§ 45-37.1-19. Severability. If any section, clause, provision, or portion of this chapter is held to be invalid or unconstitutional by any court of competent jurisdiction, the holding shall not affect any other section, clause, or provision of this chapter which is not in and of itself unconstitutional. History of Section.P.L. 1967, ch. 11, § […]
§ 45-37.1-2. Title of chapter. This chapter may be referred to and cited as the “Rhode Island Industrial Facilities Corporation Act”. History of Section.P.L. 1967, ch. 11, § 1.
§ 45-37.1-3. Definitions. As used in this chapter, the following words and terms have the following meanings, unless the context indicates another or different meaning or intent: (1) “Corporation” means the Rhode Island industrial facilities corporation, created and established as a nonbusiness corporation under and pursuant to chapter 6 of title 7, as amended, and […]
§ 45-37.1-4. Rhode Island industrial facilities corporation constituted public body corporate and agency of the state. (a) The Rhode Island industrial facilities corporation, previously created as a nonbusiness corporation, under and pursuant to chapter 6 of title 7, as amended by chapter 121 of the Public Laws of 1966, is constituted and established as a […]
§ 45-37.1-5. General grant of powers. The corporation has the following powers, together with all powers incidental or necessary for the performance of those powers: (1) To have perpetual succession as a public body corporate and agency of the state and to adopt bylaws for the regulation of its affairs and the conduct of its […]
§ 45-37.1-6. Bonds and notes of the corporation. (a) The corporation is authorized to issue its negotiable revenue bonds and notes from time to time for any of its corporate purposes. All bonds and notes issued by the corporation are payable solely out of the revenues and receipts derived from the leasing or sale by […]
§ 45-37.1-7. Security for bonds and notes — Construction and acquisition of projects. (a) The principal of and interest on any bonds or notes issued by the corporation may be secured by a pledge of any revenues and receipts of the corporation and may be secured by a mortgage or deed of trust or trust […]
§ 45-37.1-8. 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, are deemed to be trust funds to be held and applied solely as provided in the proceedings under which the bonds or notes are authorized. […]
§ 45-37.1-9. 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, for 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 […]
§ 45-37.1-9.1. Procedure. (a) An exemption from payment of state sales tax shall only apply to projects approved prior to July 1, 2011, and shall be applicable to materials used in construction of a facility only to the extent that the costs of such materials do not exceed the amount financed through the corporation as […]
