Section 35-8.1-1. – Short title.
§ 35-8.1-1. Short title. This chapter shall be known as and may be cited as the “Rhode Island Refunding Bond Authority Act”. History of Section.P.L. 1987, ch. 12, § 1.
Section 35-8.1-10. – Annual report, audit, and debt service needs certification.
§ 35-8.1-10. Annual report, audit, and debt service needs certification. In the month of January, the authority shall make an annual report of its activities for the preceding fiscal year to the governor, the speaker of the house of representatives, the president of the senate and the secretary of state. The report shall set forth […]
Section 35-8.1-11. – Loan to state authorized — Repayment subject to appropriation.
§ 35-8.1-11. Loan to state authorized — Repayment subject to appropriation. The authority may lend money to the state, upon the request of the governor, by entering into a loan and trust agreement. The governor is authorized to enter into a loan and trust agreement with the authority for the loaning of money to the […]
Section 35-8.1-12. – Receipt, investment, and application by state of loan.
§ 35-8.1-12. Receipt, investment, and application by state of loan. (a) Other than as provided in subsection (b), the proceeds of a loan to the state shall, upon their receipt, be paid by the general treasurer immediately to the paying agent or other suitable trustee for the 1984 and 1985 bonds and the paying agent […]
Section 35-8.1-13. – Bonds of the authority — Issuance — Purposes.
§ 35-8.1-13. Bonds of the authority — Issuance — Purposes. (a) The authority shall have the power and is authorized to provide by resolution for the issuance of bonds upon the request of the governor and a finding of a financial benefit to the state, in such principal amounts as it shall deem necessary to […]
Section 35-8.1-14. – Negotiability of bonds.
§ 35-8.1-14. Negotiability of bonds. Notwithstanding any law to the contrary, bonds issued under this chapter are fully negotiable for all purposes. History of Section.P.L. 1987, ch. 12, § 1.
Section 35-8.1-15. – Form of bonds.
§ 35-8.1-15. Form of bonds. (a) Bonds shall be authorized by resolution of the authority and may be issued in one or more series and shall bear such date or dates, mature at such time or times, be in such denomination or denominations, be in such form, carry such conversion or registration privileges, have such […]
Section 35-8.1-16. – Loan and trust agreement.
§ 35-8.1-16. Loan and trust agreement. In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a loan and trust agreement by and between the (1) authority, the state, and a corporate trustee, which may be any trust company or bank having the powers of a […]
Section 35-8.1-17. – Bonds neither debt of or pledge of credit by state or subdivisions.
§ 35-8.1-17. Bonds neither debt of or pledge of credit by state or subdivisions. (a) Bonds issued under this chapter shall not be deemed to constitute a debt of the state or any other political subdivision thereof or a pledge of the faith and credit of the state or any other political subdivision thereof, but […]
Section 35-8.1-18. – Revenues.
§ 35-8.1-18. Revenues. The authority has the power to fix and collect from time to time, subject to the provisions of this chapter, schedules for the repayment of any loan to the state in order to generate revenues. The schedules for repayment shall not be subject to supervision or regulation by any commission, board, bureau, […]
Section 35-8.1-19. – Trust funds.
§ 35-8.1-19. Trust funds. All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be 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 loan and trust […]
Section 35-8.1-2. – Legislative findings.
§ 35-8.1-2. Legislative findings. The general assembly hereby finds, declares, and observes that the: (1) State issued its general obligation bonds dated May 1, 1984, in the aggregate principal amount of thirty million dollars ($30,000,000) pursuant to statutory authorities approved by the electorate of the state, and the state issued its general obligation bonds dated […]
Section 35-8.1-20. – Remedies.
§ 35-8.1-20. Remedies. Any holder of bonds issued under the provisions of this chapter or any coupons appertaining thereto and the trustee under the loan and trust agreement or the resolution, except to the extent the rights given in this chapter may be restricted by the loan and trust agreement or the resolution, may, by […]
Section 35-8.1-21. – Exemptions from taxation.
§ 35-8.1-21. Exemptions from taxation. The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state and for the facilitation of the conduct of their public business, and will constitute the performance of essential governmental functions. Therefore, the authority shall not be required […]
Section 35-8.1-22. – Bonds constitute legal investment.
§ 35-8.1-22. Bonds constitute legal investment. Bonds issued by the authority under the provisions of this chapter are securities in which all public officers and public bodies of the state and its political subdivisions, insurance companies, trust companies, banking associations, investment companies, credit unions, building and loan associations, executors, administrators, trustees, and other fiduciaries may […]
Section 35-8.1-23. – State’s pledge not to limit or alter authority’s powers.
§ 35-8.1-23. State’s pledge not to limit or alter authority’s 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 that the state will not limit or alter the rights vested in the authority until all bonds […]
Section 35-8.1-24. – Personal liability on bonds.
§ 35-8.1-24. Personal liability on bonds. Neither the members of the board nor any person executing bonds issued under this chapter are liable personally on the bonds. History of Section.P.L. 1987, ch. 12, § 1.
Section 35-8.1-25. – Transfer of authority’s funds and property upon dissolution.
§ 35-8.1-25. Transfer of authority’s funds and property upon dissolution. If the authority shall be dissolved, all funds of the authority, not required for the payment of bonds or other debts of the authority, the disposition of which is not otherwise governed by contracts to which the authority may be party, shall be paid to […]
Section 35-8.1-26. – Chapter controlling over inconsistent provisions.
§ 35-8.1-26. Chapter controlling over inconsistent provisions. Insofar as the provisions of this chapter are inconsistent with the provisions of any other law or ordinance, general, special, or local, or of any rule or regulation of the state or municipality, the provisions of this chapter shall be controlling. History of Section.P.L. 1987, ch. 12, § […]
Section 35-8.1-27. – Applicability of other laws.
§ 35-8.1-27. Applicability of other laws. This chapter shall be construed to provide a complete additional and alternative method for doing the things authorized hereby and shall be regarded as supplemental and in addition to the powers conferred by other laws. The issuance of all bonds of the authority under the provisions of this chapter […]