Rhode Island General Laws 42-64-16. Short-term notes
Money borrowed by the Rhode Island commerce corporation for the purpose of providing temporary financing of a project or projects or combination of projects pending the issuance of bonds or other notes, shall be evidenced by notes or other obligations. The principal and interest of all notes or other obligations of the corporation issued under the provisions of this section shall be payable no later than the fourth anniversary of the date of their issue, and shall be payable from the following: (1) from the proceeds of bonds subsequently issued; or (2) from the proceeds of subsequent borrowings which comply with the provisions hereof; or (3) from general revenues of the corporation which may be equal and proportionate with, but not superior to, that securing bonds then outstanding or subsequently issued. Notwithstanding any other provisions of this chapter, all these notes shall be deemed to be negotiable instruments under the laws of the state of Rhode Island subject only to the provisions for registration contained in those laws. The notes or other obligations or any issue of these shall be in a form and contain any other provisions as the corporation may determine and the notes or resolutions or proceedings authorizing the notes or other obligations or any issue of these may contain, in addition to any provisions, conditions, covenants, or limitations authorized by this chapter, any provisions, conditions, covenants, or limitations which the corporation is authorized to include in any resolution or resolutions authorizing bonds or notes or in any trust indenture relating to bonds or notes. The corporation may issue the notes or other obligations in any manner either publicly or privately on any terms as it may determine to be in its best interests. These notes or other obligations may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, body, or agency of the state, without any other proceedings or the happening of any conditions or things other than those proceedings, conditions, or things which are specifically required by this chapter and by the provisions and resolutions authorizing the issuance of the notes or obligations.
History of Section.
P.L. 1974, ch. 100, § 14; P.L. 2013, ch. 243, § 3; P.L. 2013, ch. 490, § 3.
Terms Used In Rhode Island General Laws 42-64-16
- 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.
- notes: means the bonds, notes, securities, or other obligations or evidences of indebtedness issued by the corporation pursuant to this chapter, all of which shall be issued under the name of and known as obligations of the "Rhode Island commerce corporation. See Rhode Island General Laws 42-64-3
- Revenues: means : (i) with respect to any project, the rents, fees, tolls, charges, installment payments, repayments, and other income or profit derived from a project or a combination of projects pursuant to any lease, conditional sales contract, installment sales contract, loan agreement, or other contract or agreement, or any combination thereof, and (ii) any receipts, fees, payments, moneys, revenues or other payments received or to be received by the corporation in the exercise of its corporate powers under this chapter, including, without limitation, loan repayments, grants, aid, appropriations and other assistance for the state, the United States or any corporation, department or instrumentality of either or of a political subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves and other funds and accounts established by or pursuant to this chapter or in connection with the issuance of bonds, and any other taxes, assessments, fees, charges, awards or other income or amounts received or receivable by the corporation. See Rhode Island General Laws 42-64-3
- State: means the state of Rhode Island. See Rhode Island General Laws 42-64-3