Rhode Island General Laws 45-38.1-7. Title to project
When the principal of and interest on bonds of the corporation issued to finance the cost of a particular project or projects for a participating institution for higher education or for a participating municipality or a participating child daycare center or for a participating healthcare provider, including any refunding bonds or notes issued to refund and refinance the bonds or notes, have been fully paid and retired, or when adequate provision has been made to fully pay and retire the bonds or notes, and all other conditions of the resolution or trust agreement authorizing and securing the bonds or notes have been satisfied and the lien of the resolution or trust agreement has been released in accordance with its provisions, the corporation shall promptly do things and execute deeds and conveyances that are necessary and required to convey title to the project or projects to the participating institution for higher education or the participating municipality or the participating child daycare center or the participating healthcare provider, free and clear of all liens and encumbrances, all to the extent that title to the project or projects shall not, at the time, then be vested in the participating institution for higher education or the participating municipality or the participating child daycare center or the participating healthcare provider.
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. 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 45-38.1-7
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Participating healthcare provider: means a healthcare provider that, pursuant to the provisions of this chapter, undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of obligations or of a mortgage or of advances as provided in and permitted by this chapter. See Rhode Island General Laws 45-38.1-3
- Participating municipality: means a municipality that, pursuant to the provisions of this chapter, undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of obligations or of a mortgage or of advances as provided in and permitted by this chapter. See Rhode Island General Laws 45-38.1-3