(a)  The Rhode Island airport corporation shall pay to the State of Rhode Island the amount of debt service which would otherwise have been paid if the state had not refunded bonds or defeased with the proceeds from the tobacco securitization executed in June 2002 the general obligation bonds issued for airport purposes.

Terms Used In Rhode Island General Laws 35-3-27

  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(b)  The Narragansett bay water quality management district commission shall pay to the State of Rhode Island the amount of debt service which would otherwise have been paid if the state had not defeased with the proceeds from the tobacco securitization executed in June 2002 the user fee funded guaranteed general obligation bonds.

History of Section.
P.L. 2003, ch. 103, art. 5, § 1.