Section 45-50-1. – Short title.
§ 45-50-1. Short title. This chapter shall be known and may be cited as the “Municipal Public Buildings Authorities Law”. History of Section.P.L. 1987, ch. 475, § 1.
Section 45-50-10. – Acquisition and construction of projects — Lease or sale — Conveyance to authority — Request for project.
§ 45-50-10. Acquisition and construction of projects — Lease or sale — Conveyance to authority — Request for project. (a)(1) In order to benefit the people of the municipality and to provide for their general health and welfare and to maintain the high standards of municipal public facilities and public equipment, the authority is authorized […]
Section 45-50-11. – Credit of state, political subdivisions, and authority not pledged.
§ 45-50-11. Credit of state, political subdivisions, and authority not pledged. (a) Revenue bonds issued under the provisions of this chapter are not deemed to constitute a debt or a pledge of the faith and credit of the state or the municipality, but are payable solely from the funds provided therefor from revenues. All revenue […]
Section 45-50-12. – Powers of authority.
§ 45-50-12. Powers of authority. The authority is authorized and empowered: (1) To adopt bylaws for the regulation of its affairs and the conduct of its business; (2) To adopt an official seal and alter the seal at pleasure; (3) To maintain an office at a place or places within the municipality as it may […]
Section 45-50-13. – Eminent domain proceedings.
§ 45-50-13. Eminent domain proceedings. (a) The authority has the right to acquire any land, or any interest in it, including development rights, by the exercise of the power of eminent domain, whenever it is determined by the authority that the acquisition of the land, or interest, is necessary for the construction or the operation […]
Section 45-50-14. – Revenue bonds.
§ 45-50-14. Revenue bonds. (a) The authority is authorized to provide by resolution for the issuance, at one time, or from time to time, of revenue bonds of the authority for the purpose of paying all or a part of the cost of any one or more projects, the construction or acquisition of which is […]
Section 45-50-15. – Trust agreements.
§ 45-50-15. Trust agreements. In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. […]
Section 45-50-16. – Revenues.
§ 45-50-16. Revenues. (a) The authority is authorized and empowered to fix, revise, and collect from time to time, subject to the provisions of this chapter, fees, rentals, and other charges for the use of projects of, or the services rendered by, the authority to pay: (1) The cost of maintaining, repairing, and operating the […]
Section 45-50-17. – Trust funds.
§ 45-50-17. Trust funds. All moneys received pursuant to the provisions 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 as may be provided in the resolution authorizing the issuance of the bonds or the trust agreement securing the […]
Section 45-50-18. – Remedies.
§ 45-50-18. Remedies. Any holder of bonds issued under the provisions of this chapter or any of the coupons appertaining to them, and the trustee under the trust agreement or the resolution, except to the extent the rights given by this chapter may be restricted by the trust agreement or the resolution, may by civil […]
Section 45-50-19. – Exemptions from taxation.
§ 45-50-19. Exemptions from taxation. The exercise of the powers granted by this chapter are, in all respects, for the benefit of the people of the municipality and the state of Rhode Island and for the facilitation of the conduct of their public business; and as the acquisition, construction, operation, and maintenance by the authority […]
Section 45-50-2. – Authorities created.
§ 45-50-2. Authorities created. There is created in each city and town a body corporate and politic known as the municipal public buildings authority of the municipality, which is an instrumentality and agency of the city or town, but has a distinct legal existence from the city or town. History of Section.P.L. 1987, ch. 475, […]
Section 45-50-20. – Bonds eligible for investment.
§ 45-50-20. Bonds eligible for investment. Bonds issued by the authority 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, investment companies, credit unions, building and loan associations, executors, administrators, trustees, and other […]
Section 45-50-21. – Negotiable instruments.
§ 45-50-21. Negotiable instruments. Notwithstanding any of the preceding provisions of this chapter or any recitals in any bonds issued under the provisions of this chapter, all bonds are deemed to be negotiable instruments under the laws of this state. History of Section.P.L. 1987, ch. 475, § 1.
Section 45-50-22. – Refunding bonds.
§ 45-50-22. Refunding bonds. The authority is authorized to provide for the issuance of refunding bonds of the authority for the purpose of refunding any bonds then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premium or interest accrued or to accrue to the earliest or […]
Section 45-50-23. – Use of projects.
§ 45-50-23. Use of projects. The use of the facilities of the authority and the operation of its business are subject to the rules and regulations from time to time adopted by the authority; provided, that the authority not authorized to do anything which will impair the security of the holders of the obligations of […]
Section 45-50-24. – Limitation of powers.
§ 45-50-24. Limitation of powers. The state pledges to and agrees with any person, firm, or corporation, or federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction, extension, improvement, equipping, furnishing, or enlargement of any project or part of it, that the state will not limit or […]
Section 45-50-25. – Actions authorized by resolution.
§ 45-50-25. Actions authorized by resolution. Any action taken by the authority under the provisions of this chapter may be authorized by resolution at any regular or special meeting, and each resolution shall take effect immediately and need not be published or posted. History of Section.P.L. 1987, ch. 475, § 1.
Section 45-50-26. – Annual report and audit.
§ 45-50-26. Annual report and audit. Within one hundred twenty (120) days from the close of its fiscal year, the authority shall make an annual report to the chief executive officer and legislative body of the municipality of its activities for the preceding fiscal year. Each report shall present a complete operating and financial statement […]
Section 45-50-27. – Transfer of project to governmental body.
§ 45-50-27. Transfer of project to governmental body. When all bonds issued under the provisions of the chapter for each specific project and its interest have been paid, or a sufficient amount for the payment of all the bonds and their interest to the maturity of the bonds have been set aside in trust for […]