§ 45-38.1-1. Declaration of policy. It is declared that for the benefit of the people of the state of Rhode Island, the increase of their commerce, welfare, and prosperity and the improvement of their health and living conditions, it is essential that this and future generations of youth be given the fullest opportunity to learn […]
§ 45-38.1-10. Trust agreement. In the discretion of the corporation, any revenue bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the corporation and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or […]
§ 45-38.1-11. Revenues. (a) The corporation is authorized to fix, revise, charge, and collect rates, rents, fees, and charges for the use of and for the services furnished by each project, and to contract with any person, partnership, association, or corporation, or other body, public or private, in this respect. The rates, rents, fees, and […]
§ 45-38.1-12. Trust funds. All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, are deemed to be trust funds to be held and applied solely as provided in this chapter. Any officer with whom, or any bank or trust company with which, the […]
§ 45-38.1-13. Remedies. Any holder of revenue bonds or notes issued under the provisions of this chapter or of any of the coupons appertaining thereto, and the trustee or trustees under any trust agreement, except to the extent the rights given under this chapter may be restricted by any resolution authorizing the issuance of, or […]
§ 45-38.1-14. Exemption from taxation. The exercise of the powers granted by this chapter are in all respects for the benefit of the people of the state, for the increase of their commerce, welfare, and prosperity, and for the improvement of their health and living conditions, and constitutes the performance of an essential governmental function, […]
§ 45-38.1-15. Revenue refunding bonds. (a) The corporation is authorized to provide for the issuance of its revenue bonds for the purpose of refunding any revenue bonds of the corporation then outstanding and any bonds or other obligations issued by or for the benefit of a participating educational institution for any school housing project, including […]
§ 45-38.1-16. Bonds eligible for investment. Bonds or notes issued by the corporation under the provisions of this chapter are made securities in which all public officers and public bodies of the state and its political subdivisions, all insurance companies, trust companies, banking associations, credit unions, building and loan associations, investment companies, executors, administrators, trustees […]
§ 45-38.1-17. 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, the speaker of the house, the president of the senate and the secretary of state of its activities for the preceding fiscal year, and the report shall […]
§ 45-38.1-18. Source of payment of expenses. All expenses incurred in carrying out the provisions of this chapter are payable solely from funds provided under the authority of this chapter, and no liability or obligation shall be incurred by the corporation under this chapter beyond the extent to which moneys have been provided under the […]
§ 45-38.1-19. State not liable. (a) Except with regard to state reimbursement related to school housing project financing, 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, obligation, or agreement of any kind whatsoever […]
§ 45-38.1-2. Title of chapter. This chapter may be referred to and cited as the “Rhode Island Health and Educational Building Corporation Act”. History of Section.P.L. 1967, ch. 56, § 1; P.L. 1968, ch. 224, § 2.
§ 45-38.1-20. Procedure before issuance of bonds or notes. Notwithstanding any other provisions of this chapter, the corporation is not empowered to undertake any project authorized by this chapter unless, prior to the issuance of any bonds or notes under this chapter, it has determined that: (1) The acquisition, construction, or financing of the cost […]
§ 45-38.1-21. Agreement of the state. The state pledges to and agrees 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 alter the rights vested in […]
§ 45-38.1-22. Chapter cumulative — No notice required. Neither this chapter nor anything contained in this chapter shall be construed as a restriction or limitation upon any powers which the Rhode Island health and educational building corporation might otherwise have under any laws of this state, but shall be construed as cumulative of those powers. […]
§ 45-38.1-23. Chapter liberally construed. This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect its purposes. History of Section.P.L. 1967, ch. 56, § 1.
§ 45-38.1-24. Severability. If any section, clause, provision, or portion of this chapter is held to be invalid or unconstitutional by any court of competent jurisdiction, that 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. 56, § […]
§ 45-38.1-25. Institution for higher education powers. Notwithstanding any other provision of law, any participating institution for higher education has the power to borrow money from the corporation, make education loans, and take all other actions and do those things that are necessary or convenient to consummate the transactions contemplated under this chapter. It is […]
§ 45-38.1-26. Transfer of fund balances. The corporation, by a vote of its board of directors, may at any time, upon receipt of a written request to do so by the governor, transfer to the state, either to the general fund account or any restricted receipt account established by the general assembly specified in any […]
§ 45-38.1-27. Development of Narragansett Brewery site. (a) Notwithstanding any provision of this chapter or any general law or special law to the contrary, it is a corporate purpose of the corporation to finance the development of the site of the former Narragansett Brewery in the city of Cranston as a multi-purpose facility to be […]
