Rhode Island General Laws 45-38.1-21. Agreement of the state
The state pledges to and agrees with the holders of any bonds or notes issued under this chapter, and with those parties who may enter into contracts with the corporation pursuant to the provisions of this chapter, that the state will not limit or alter the rights vested in the corporation until any obligations under contracts, together with the interest, are fully met and discharged and the contracts are fully performed on the part of the corporation, provided, that nothing contained in this chapter precludes the limitation or alteration if and when adequate provision is be made by law for the protection of the holders of the bonds of the corporation or those entering into the contracts with the corporation. The corporation is authorized to include this pledge and undertaking for the state in the bonds, notes, or contracts.
History of Section.
P.L. 1967, ch. 56, § 1; P.L. 2000, ch. 184, § 1.
Terms Used In Rhode Island General Laws 45-38.1-21
- 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
- State: means the state of Rhode Island. See Rhode Island General Laws 45-38.1-3