Section 45-54-13. – Trust funds.
§ 45-54-13. 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 45-54-14. – Remedies.
§ 45-54-14. Remedies. Any holder of bonds issued under the provisions of this chapter, or of any of the coupons appertaining to the bonds, 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, […]
Section 45-54-15. – Negotiable instruments.
§ 45-54-15. 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. 1991, ch. 421, § 1.
Section 45-54-3. – Definitions.
§ 45-54-3. 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) “Bonds” means any bonds, interim certificates, notes, debentures, or other evidences of indebtedness of the corporation issued pursuant to this chapter; (2) “Construction” means and includes acquisitions, […]
Section 45-54-4. – Resolution conclusive as to capacity of corporation.
§ 45-54-4. Resolution conclusive as to capacity of corporation. In any suit, action, or proceeding involving the validity or enforcement of, or relating to, any contract by, or on behalf of, a corporation, the corporation is exclusively deemed to be established and authorized to transact business and exercise its powers upon proof of the adoption […]
Section 45-54-5. – Board of directors — Tenure — Quorums.
§ 45-54-5. Board of directors — Tenure — Quorums. (a) When the council of a city or town first adopts a resolution as provided for in § 45-54-1, the elected chief executive officer, in cities and towns having a popularly elected chief executive officer, shall appoint five (5) persons, at least three (3) of whom […]
Section 45-54-1. – Corporations created.
§ 45-54-1. Corporations created. (a) For the purposes stated in this chapter there is incorporated in each city and town a body corporate and politic which shall be known as the municipal detention facility corporation of the municipality. The corporation is a public corporation, which is an instrumentality and agency of the municipality, but has […]
Section 45-54-2. – Legislative findings.
§ 45-54-2. Legislative findings. (a) It has been widely reported that the United States has need for a detention facility to be located within the state of Rhode Island. (b) It is declared that a need for economic development projects exists within the state and that the development of a detention facility would help to […]