Rhode Island General Laws 45-38.1-20. Procedure before issuance of bonds or notes
Notwithstanding any other provisions of this chapter, the corporation is not empowered to undertake any project authorized by this chapter unless, prior to the issuance of any bonds or notes under this chapter, it has determined that:
(1) The acquisition, construction, or financing of the cost of the project will:
(i) With respect to an institution for higher education or child daycare center, enable or assist the institution to fulfill its obligations in providing education or child daycare center to the youth of this state;
(ii) With respect to a healthcare provider, enable the healthcare provider to improve the health of the people it serves by means of expanded health care, healthcare provider, and other related services; or
(iii) With respect to a municipality, enable the municipality to improve the health or living conditions or welfare of its residents by means of expanded access to public educational or public recreational facilities;
(2) The project is leased to, or owned by, a financially responsible institution for higher education or child daycare center or municipality or healthcare provider within the state;
(3) Adequate provision has been, or will be, made for the payment of the cost of the construction and/or acquisition of the project, and, except with regard to those bonds issued through the corporation related to school housing project financing, that under no circumstances will the state be obligated, directly or indirectly, for the payment of the cost of the construction and/or acquisition of the project, or for the payment of the principal of, or interest on, any obligations issued to finance the construction and/or acquisition; and
(4) Adequate provision has been, or will be made in any agreement with respect to or lease of the project for payment of all costs of operation, maintenance, and upkeep of the project by the lessee, sublessee, or occupant so that under no circumstances is the state obligated, directly or indirectly, for the payment of the costs except with regard to state reimbursement for school housing projects; provided, that no findings shall be made and no financing effected under this chapter, with respect to healthcare providers, unless the proposed healthcare providers have first been approved by any state agency empowered to approve the construction of any healthcare providers in the manner provided in its general laws.
History of Section.
P.L. 1967, ch. 56, § 1; P.L. 1968, ch 224, § 2; P.L. 1991, ch. 292, § 1; P.L. 2000, ch. 184, § 1; P.L. 2004, ch. 595, art. 23, § 1; P.L. 2022, ch. 227, § 1, effective June 27, 2022; P.L. 2022, ch. 228, § 1, effective June 27, 2022.
Terms Used In Rhode Island General Laws 45-38.1-20
- 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
- Child daycare center: means a child daycare center as defined in § 42-12. 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
- Healthcare provider: means :
(i) Any nonprofit hospital incorporated under the laws of the state, including any nonprofit subsidiary corporations formed by any hospital or formed by the parent corporation of the hospital;
(ii) Any nonprofit corporation, the member or members of which consist solely of one or more hospitals or their parent corporations;
(iii) Any other hospital that is licensed as a general hospital or maternity hospital pursuant to chapter 17 of Title 23 that is exempt from taxation;
(iv) Any nonprofit group health association;
(v) Any cooperative hospital service organization, or any nonprofit corporation that is licensed as a skilled nursing and/or intermediate care facility pursuant to chapter 17 of Title 23, including any nonprofit subsidiary corporation formed by any of the foregoing skilled nursing and/or intermediate care facilities, or any nonprofit corporation eligible to receive funding, pursuant to chapter 8. See Rhode Island General Laws 45-38.1-3
- 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 located in the state with powers set forth in this title. See Rhode Island General Laws 45-38.1-3
- School housing project: means an "approved project" as defined in § 16-7-36. See Rhode Island General Laws 45-38.1-3
- State: means the state of Rhode Island. See Rhode Island General Laws 45-38.1-3
- State reimbursement: shall mean the state's share of school housing project cost as determined in accordance with § 16-7-35 — § 16-7-47. See Rhode Island General Laws 45-38.1-3