(a)  The corporation is authorized to provide by resolution for the issuance, at one time or from time to time, of revenue bonds of the corporation for the purpose of paying all or part of the cost of any one or more projects, the construction or acquisition of which is authorized by this chapter. The principal of and the interest on the bonds are payable from the funds provided for payment. The bonds of each issue shall be dated, bear interest at the rate or rates that the corporation determines, payable from time to time, shall mature at a time or times not exceeding fifty (50) years from their date or dates, as may be determined by the corporation, and may be redeemable before maturity, at the option of the corporation, at the price or prices and under terms and conditions that may be fixed by the corporation prior to the issuance of the bonds. The corporation shall determine the form of the bonds, including any interest coupons to be attached to them, and shall fix the denomination or denominations of the bonds and the place or places of payment of the principal and interest, which may be at any bank or trust company within or without the state. The bonds shall be signed by the chairperson of the corporation, or a facsimile of the signature shall be impressed or imprinted on the bonds and attested by the manual or facsimile signature of the secretary of the corporation, and any coupons attached to the bonds shall bear the facsimile signature of the chairperson of the corporation. In case any officer whose signature, or the facsimile of whose signature, appears on any bonds or coupons ceases to be an officer before the delivery of the bonds, the signature or the facsimile is nevertheless valid and sufficient for all purposes, the same as if he or she had remained in office until the delivery. The bonds may be issued in coupon or in registered form, or both, as the corporation may determine, and provision may be made for the registration of any coupon bonds as to principal alone and, also, as to both principal and interest, for the reconversion into coupon bonds of any bonds registered and coupon bonds. The corporation may sell bonds in a manner, either at public or private sale, and for a price, as it may determine will best effect the purpose of this chapter.

Terms Used In Rhode Island General Laws 45-54-10

  • Bonds: means any bonds, interim certificates, notes, debentures, or other evidences of indebtedness of the corporation issued pursuant to this chapter;

    (2)  "Construction" means and includes acquisitions, construction, repair, rehabilitation, development, and installation, and the term "to construct" means and includes, to acquire, to construct, to repair, to rehabilitate, to develop, and to install, all in a manner as may be deemed desirable;

    (3)  "Corporation" means the municipal detention facility corporation created under this chapter;

    (4)(i)  "Cost" as applied to any project to be constructed or acquired by the corporation, includes: the cost of acquisition or construction and, if the project consists of public facilities, the cost of acquisition of all land, rights-of-way, property, rights, easements, and interests acquired by the corporation for the construction; the cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring any lands to which the buildings or structures may be moved; the cost of all machinery and equipment; financing charges; interest prior to and during construction and for one year after completion of construction; the cost of estimates and planning, engineering and legal services, plans, specifications, and surveys; estimates of costs and of revenues; other expenses necessary or incident to determining the feasibility or practicability of the construction; administrative expenses; and other expenses as may be necessary or incident to the construction, the financing of the construction, and the placing of the project in operation. See Rhode Island General Laws 45-54-3

  • 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.
  • cost: includes the cost of purchase and installation of solar, wind, and renewable energy systems, which include solar thermal, solar, electric, and wind energy systems that provide heating, cooling, hot water, or electricity to a building, together with equipment for collection, storage, distribution, and control, including components of a building specifically designed to retain heat derived from solar energy;

    (5)  "Council" means the city or town council of a municipality;

    (6)  "Detention facility" means land, buildings, or improvements used for the purposes of detaining prisoners in accordance with the provisions of this chapter;

    (7)  "Director" means one of the members of the corporation appointed in accordance with the provisions of this chapter;

    (8)  "Federal agency" means and includes the United States of America, and any department of, or any corporation, agency, or instrumentality created, designated, or established by, the United States of America;

    (9)  "Improvement" means and includes extension, enlargement, and improvement, and the term "to improve" means and includes, to extend, to enlarge, and to improve, all in a manner as may be deemed desirable;

    (10)  "Municipality" means and includes any city or town within the state now existing or hereafter created;

    (11)  "Owner" means and includes all individuals, incorporated companies, copartnerships, societies, or associations, and, also, all municipalities and political subdivisions, and all public agencies and instrumentalities, having any title or interest in any property, rights, easements, or franchises authorized to be acquired under the provisions of this chapter;

    (12)  "Persons" means and includes natural persons, firms, associations, corporations, business trusts, partnerships, and public bodies;

    (13)  "Project" means any detention facility or public equipment which the corporation is authorized to construct, improve, equip, furnish, maintain, acquire, install, or operate under the provisions of this chapter, and includes all real and personal property related to it;

    (14)  "Public equipment" means and includes all tangible personal property, new or used, including, without limiting the generality of the preceding, all machinery, equipment, transportation equipment, maintenance equipment, construction equipment, sanitation equipment, police, fire, and public safety equipment, and all other things and rights usually included within that term, including any and all interests in property which are less than full title, as leasehold interests, security interests, and every other interest or right, legal or equitable; provided, that the public equipment is related to and used in connection with a detention facility; and

    (15)  "State" means and includes the state of Rhode Island, and any office, department, board, commission, bureau, division, authority, public corporation, agency, or instrumentality of the state. See Rhode Island General Laws 45-54-3

(b)  The proceeds of the bonds of each issue shall be used for the payment of the cost of the project or projects for which the bonds have been issued, and shall be disbursed in a manner and under restrictions, if any, that the corporation may provide in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds. If the proceeds of the bonds of any issue, by error of estimates or otherwise, are less than the cost, additional bonds may in like manner be issued to provide the amount of the deficit, and, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds, are deemed to be of the same issue and shall be entitled to payment from the same fund without preference of priority of the bonds first issued. If the proceeds of the bonds of any issue exceed the cost, the surplus shall be deposited to the credit of the sinking fund for the bonds or may be applied to the payment of the cost of any project thereafter financed under the provisions of this chapter.

(c)  Prior to the preparation of definitive bonds, the corporation may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when definitive bonds have been executed and are available for delivery. The corporation may also provide for the replacement of any bonds which become mutilated or are destroyed or lost. Bonds may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, bureau, or agency of the state, and without any other proceedings or the happening of any other conditions or things, other than those proceedings, conditions, or things which are specifically required by this chapter.

History of Section.
P.L. 1991, ch. 421, § 1.