Rhode Island General Laws 45-50-27. Transfer of project to governmental body
When all bonds issued under the provisions of the chapter for each specific project and its interest have been paid, or a sufficient amount for the payment of all the bonds and their interest to the maturity of the bonds have been set aside in trust for the benefit of the bondholders, that specific project financed under the provisions of this chapter may be transferred to the municipality leasing the project on terms and conditions and for consideration that the authority determines. If the authority is dissolved all funds of the authority not required for the payment of bonds shall be paid to the treasurer of the municipality in which the authority is established for the use of the municipality, and all property belonging to the authority shall be vested in the municipality and delivered to it. No part of the net earnings of the authority shall be distributable to, or inure to the benefit of, any private person.
History of Section.
P.L. 1987, ch. 475, § 1.
Terms Used In Rhode Island General Laws 45-50-27
- authority: means any municipal public buildings authority created pursuant to this chapter, or, if the authority is abolished, the board, body, or commission succeeding to the principal functions or upon whom the powers of the authority given by this chapter are given by law. See Rhode Island General Laws 45-50-9
- bonds: means and includes the notes, bonds, and other evidences of indebtedness or obligations which the authority is authorized to issue pursuant to this chapter. See Rhode Island General Laws 45-50-9
- municipality: means and includes any city or town within the state. See Rhode Island General Laws 45-50-9
- person: means and includes natural persons, firms, associations, corporations, business trusts, partnerships, and public bodies. See Rhode Island General Laws 45-50-9
- project: means any public facility or public equipment which the authority is authorized to construct, improve, equip, furnish, maintain, acquire, install, or operate under the provisions of this chapter, to provide for the conduct of the executive, legislative, and judicial functions of government, and its various branches, departments, and agencies. See Rhode Island General Laws 45-50-9