Section 45-50-31. – Severability.
§ 45-50-31. Severability. The provisions of this chapter are severable, and if any of its provisions are held unconstitutional or invalid for any other reason by any court of competent jurisdiction, the decision of the court shall not affect or impair any of the remaining provisions. In carrying out the purposes and provisions of this […]
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authorized by resolution at any regular or special meeting, and each resolution shall take effect immediately and need not be published or posted.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 […]
Section 45-50-28. – Inconsistent provisions.
§ 45-50-28. Inconsistent provisions. Insofar as the provisions of this chapter are inconsistent with the provisions of any charter or other laws or ordinances, general, special, or local, or of any rule or regulation of the state or any municipality, the provisions of this chapter are controlling. History of Section.P.L. 1987, ch. 475, § 1.
Section 45-50-29. – Applicability of other laws.
§ 45-50-29. Applicability of other laws. This chapter shall be construed to provide a complete, additional, and alternative method for doing the things authorized by this chapter, and shall be regarded as supplemental and in addition to the powers conferred by other laws. The issuance of all bonds, notes, and other obligations of the authority […]