(a)  The Rhode Island commerce corporation is authorized and empowered to acquire and construct water supply facilities; to maintain, repair, and operate those facilities; and to issue revenue bonds of the corporation payable solely from revenues derived from the leasing of those water supply facilities to finance them. Development of these projects may be initiated by the corporation upon request of a municipality or municipalities seeking to undertake the project either singly or jointly.

Terms Used In Rhode Island General Laws 42-64-7.4

  • authority: means the governmental agency and public instrumentality, formerly known as the "Rhode Island port authority and economic development corporation" and/or also formerly known as the "Rhode Island economic development corporation" and now known as the Rhode Island commerce corporation authorized, created, and established pursuant to § 42-64-4, or any subsidiary corporation thereof which is established pursuant to § 42-64-7. See Rhode Island General Laws 42-64-3
  • 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
  • Municipality: means any city or town within the state now existing or hereafter created, or any state agency. See Rhode Island General Laws 42-64-3
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Real property: means lands, structures (new or used), franchises, and interests in land, including lands under water, and riparian rights, space rights, and air rights, and all other things and rights usually included within the term. 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
  • Rule or regulation: means any directive promulgated by the Rhode Island commerce corporation not inconsistent with the laws of the United States or the state, for the improvement of navigation and commerce or other project purposes and shall include, but not be limited to, charges, tolls, rates, rentals, and security provisions fixed or established 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

(b)  Without limiting the generality of the foregoing, the corporation is expressly empowered to lease or sell water supply facilities or any part of those facilities to any municipality. A lease by the corporation to any municipality may be for any period, upon any terms and conditions, with or without an option to purchase, as the corporation may determine.

(c)  The provisions of any other laws or ordinances, general, special, or local, or of any rule or regulation of the state or any municipality, restricting or regulating in any manner the power of any municipality to lease, as lessee or lessor, or sell property real, personal, or mixed, shall not apply to leases and sales made with authority pursuant to this section; and insofar as the provisions of this section are inconsistent with the other laws of this state, general, special, or local, restricting the power of any municipality to enter into a lease or to sell property, the provisions of this section shall be controlling.

(d)  Any municipality, notwithstanding any contrary provision of law, is authorized and empowered to lease, lend, grant, or convey to the corporation, at its request upon those terms and conditions that the proper authorities of a municipality may deem reasonable and fair and without the necessity for any advertisement, order of court, or other action or formality, other than the regular and formal action of the authorities concerned, any real property or personal property which may be necessary or convenient to effectuation of the authorized purposes of the corporation including real property already devoted to public use; and subject to the aforesaid, the state consents to the use of all lands owned by it, including land lying under water, and which are deemed by the corporation to be necessary for the construction or operation of any water supply facilities.

History of Section.
P.L. 1983 (S.S.), ch. 332, art. III, § 2; P.L. 2013, ch. 243, § 3; P.L. 2013, ch. 490, § 3.