(a)  The corporation is authorized to provide for the issuance of its revenue bonds for the purpose of refunding any revenue bonds of the corporation then outstanding and any bonds or other obligations issued by or for the benefit of a participating educational institution for any school housing project, including the payment of any redemption premium on them and any interest accrued or to accrue to the earliest or subsequent date of redemption, purchase, or maturity of the revenue bonds, and, if deemed advisable by the corporation, for the additional purpose of paying all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project, or any portion of it, or for making additional corporation loans.

Terms Used In Rhode Island General Laws 45-38.1-15

  • Bonds: means bonds of the corporation issued under the provisions of this chapter, including refunding bonds, notwithstanding that the bonds may be secured by mortgage or the full faith and credit of the corporation or the full faith and credit of a participating institution for higher education or of a participating municipality or of a participating healthcare provider or any other lawfully pledged security of a participating educational institution or child daycare center or of a participating municipality or of a participating healthcare provider. See Rhode Island General Laws 45-38.1-3
  • 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.
  • Corporation: means the Rhode Island health and educational building 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 under § 45-38. See Rhode Island General Laws 45-38.1-3
  • Corporation loans: means loans by the corporation to an educational institution or child daycare center for the purpose of funding education loans. See Rhode Island General Laws 45-38.1-3
  • Educational institution: means :

    (i)  An educational institution or local education authority participating in the school housing aid program as described in chapter 7 of Title 16 situated within this state which, by virtue of law or charter, is a public or other nonprofit educational institution empowered to provide a program of education at the primary, secondary, or high school level, beyond the high school level, and which is accredited by a nationally recognized educational accrediting agency or association and awards a bachelor's or advance degree or provides a program of not less than two (2) years' duration that is accepted for full credit toward a bachelor's degree;

    (ii)  Any nonprofit corporation, business corporation, limited liability company, or partnership or limited partnership the shareholders or members or partners or limited partners of which are limited to those entities described in subsection (13)(i) hereof;

    (iii)  Any nonprofit corporation, business corporation, limited liability company, partnership, or limited partnership that is a party to a public-private partnership agreement at least one of the parties of which is described in subsection (13)(i) hereof;

    (iv)  Any museum in this state as defined by § 34-44. See Rhode Island General Laws 45-38.1-3

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • School housing project: means an "approved project" as defined in § 16-7-36. See Rhode Island General Laws 45-38.1-3
  • United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8

(b)  The proceeds of revenue bonds issued for the purpose of refunding outstanding revenue bonds may, in the discretion of the corporation, be applied to the purchase or retirement at maturity or redemption of the outstanding revenue bonds, either on their earliest or any subsequent redemption date, and may, pending the application, be placed in escrow to be applied to the purchase or retirement at maturity or redemption on a date that may be determined by the corporation.

(c)  Any escrowed proceeds, pending use, may be invested and reinvested in obligations of or guaranteed by the United States of America, or in certificates of deposit or time deposits secured by obligations of or guaranteed by the United States of America, maturing at a time or times appropriate to assure the prompt payment, as to principal, interest, and redemption premium, if any, of the outstanding revenue bonds being refunded. The interest, income, and profits, if any, earned or realized on the investment may also be applied to the payment of the outstanding revenue bonds being refunded. After the terms of the escrow have been fully satisfied and carried out, any balance of the proceeds and interest, income, and profits, if any, earned or realized on the investments, may be returned to the corporation for use by it in any lawful manner.

(d)  The portion of the proceeds of revenue bonds issued for the additional purpose of paying all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project may be invested and reinvested in obligations of or guaranteed by the United States of America, or in certificates of deposit or time deposits secured by obligations of or guaranteed by the United States of America, maturing not later than the time or times when the proceeds will be needed for the purpose of paying all or any part of the cost. The interest, income, and profits, if any, earned or realized on the investment, may be applied to the payment of all or any part of the cost or may be used by the corporation in any lawful manner.

(e)  All revenue bonds shall be issued and secured and shall be subject to the provisions of this chapter in the same manner and in the same extent as any other revenue bonds issued pursuant to this chapter.

History of Section.
P.L. 1967, ch. 56, § 1; P.L. 1982, ch. 301, § 7; P.L. 2007, ch. 370, § 2.