Rhode Island General Laws 16-32-42. Existing bond debt
The board of trustees is authorized to take all actions, and execute and deliver all agreements or instruments, necessary or convenient for the board to assume all of the obligations on behalf of, and in replacement of, or jointly with the council on postsecondary education under outstanding bonds issued by the Rhode Island health and educational building corporation or outstanding lease certificates of participation, in either case, issued for the benefit of the university of Rhode Island, the community college of Rhode Island, and/or Rhode Island college as may be necessary to ensure, among other items, that the university continues to meet its obligations under such bonds or certificates.
History of Section.
P.L. 2019, ch. 88, art. 9, § 5.
Terms Used In Rhode Island General Laws 16-32-42
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC