Rhode Island General Laws 46-12.2-23. Duration of agency – Termination
The agency and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the agency shall have bonds outstanding, unless adequate provision has been made for the payment or satisfaction thereof. Upon termination of the agency, the title to all funds and other properties owned by it, which remain after provision for the payment or satisfaction of all bonds of the agency, shall vest in the state. The obligations, debts, and liabilities of the agency shall be assumed by and imposed upon the state, and shall be transferred to the state general treasurer or to such other successor as the general assembly may designate.
History of Section.
P.L. 1989, ch. 303, § 2.
Terms Used In Rhode Island General Laws 46-12.2-23
- Agency: means the Rhode Island clean water finance agency, and, effective September 1, 2015, and thereafter, shall mean the Rhode Island infrastructure bank;
(2) "Approved project" means any project or portion thereof that has been issued a certificate of approval by the department for financial assistance from the agency, and also includes any project approved for financial assistance from the agency in accordance with state law, and, furthermore, shall include water pollution abatement projects funded outside of the water pollution control revolving fund, the Rhode Island water pollution control revolving fund, or the local interest subsidy trust fund, without the requirement of the issuance of a certificate of approval; and, furthermore, shall include resiliency related infrastructure projects, and projects which may, subject to compliance with all state and federal requirements, include state and federal infrastructure located within the state of Rhode Island;
(3) "Board" means the board of directors of the agency;
(4) "Bond act" means any general or special law authorizing a local governmental unit to incur indebtedness for all or any part of the cost of projects coming within the scope of a water pollution abatement project, or for other projects related to this chapter, including but not limited to, § 45-12-2;
(5) "Bonds" means bonds, notes, or other evidence of indebtedness of the agency;
(6) "Certificate of approval" means the certificate of approval contemplated by § 46-12. See Rhode Island General Laws 46-12.2-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.