Rhode Island General Laws 45-37.1-13. Procedure before undertaking project
Notwithstanding any other provision of this chapter, the corporation is not empowered to undertake any project authorized by this chapter unless, prior to the issuance of any bonds under this chapter, it finds that:
(1) The acquisition and construction of the project will eliminate or prevent unemployment, either in whole or in part, in the area in which the project is located; and
(2) The project is consistent with the definition of “project” as defined in § 45-37.1-3; and
(3) The project will be leased to, or owned by, a financially responsible person, partnership, corporation, or concern; and
(4) Adequate provision has been, or will be, made for the payment of the cost of the acquisition and construction of the project and that, except in connection with obligations secured by mortgages insured by the Rhode Island industrial recreational building authority, under no circumstances, will the state or any municipality or political subdivision of the state be obligated, directly or indirectly, for the payment of the principal of, or interest on, any obligation issued to finance the construction; and
(5) Adequate provision has been, or will be, made in each lease or other financing agreement relating to the project for the payment of all costs of operation, maintenance, and upkeep of the project by the lessee, sublessee, or occupant, so that, except in connection with obligations secured by mortgages which are insured by the Rhode Island industrial recreational building authority, under no circumstances will the state or municipality be obligated, directly or indirectly, for the payment of those costs; and
(6) The acquisition and construction, proposed financing, operation, and use of the project will aid in the development, growth, and prosperity of the state or (if the project consists of other than railroad rolling stock) of the municipality in which the project is located, and with respect to projects for air and water pollution control or projects for solid waste disposal, that the projects will protect the natural resources of the state and the health and welfare of its citizens; provided, that with respect to projects for air and water pollution control or projects for solid waste disposal, the corporation is not required to make the findings specified in subdivisions (1) and (2).
History of Section.
P.L. 1967, ch. 11, § 1; P.L. 1971, ch. 255, § 4; P.L. 1973, ch. 195, § 3; P.L. 1980, ch., 229, § 9; P.L. 1981, ch. 419, § 5; P.L. 1988, ch. 636, § 1.
Terms Used In Rhode Island General Laws 45-37.1-13
- 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.
- Corporation: means the Rhode Island industrial facilities corporation, created and established as a nonbusiness corporation under and pursuant to chapter 6 of Title 7, as amended, and constituted and established as a public body corporate and agency of the state by § 45-37. See Rhode Island General Laws 45-37.1-3
- 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
- Municipality: means any city or town in the state. See Rhode Island General Laws 45-37.1-3
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Project: means any land and any building or other improvement, and all real and personal properties, including, but not limited to, machinery and equipment, or any interest in them, whether or not now in existence or under construction, which are suitable for use for manufacturing, warehousing, or other industrial or commercial purposes, or suitable for pollution abatement or control, for the reconstruction, modernization, or modification of existing industrial plants for the abatement or control of industrial pollution or suitable for solid waste disposal, or for any combination of these purposes, including working capital, but does not include raw materials, work in process, or stock in trade. See Rhode Island General Laws 45-37.1-3
- Solid waste: means any refuse matter, trash, or garbage from residences, manufacturing and industrial plants, hotels, apartments, or any other public or private building. See Rhode Island General Laws 45-37.1-3
- State: means the state of Rhode Island. See Rhode Island General Laws 45-37.1-3