Rhode Island General Laws 45-54-11. Trust agreement
In the discretion of the corporation, any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the corporation and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. The trust agreement or the resolution providing for the issuance of the bonds may pledge or assign the revenues to be received and may convey, or mortgage or grant, a security interest in any project or any part of it or any combination of projects or parts of them. The trust agreement or resolution providing for the issuance of the bonds may contain provisions for protecting and enforcing the rights and remedies of the bondholders or noteholders as may be reasonable and proper and not in violation of law, including: covenants establishing the duties of the corporation in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation, and insurance of the project or projects in connection with which the bonds have been authorized, and in relation to the custody, safeguarding, and application of all moneys; and conditions or limitations with respect to the issuance of additional bonds. It is lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of bonds or of revenues to furnish indemnifying bonds or to pledge those securities that may be required by the corporation. Any trust agreement may establish the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders. In addition to the preceding, any trust agreement or resolution may contain any other provisions that the corporation may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of the trust agreement or resolution may be treated as a part of the corporation’s cost of operation and maintenance.
History of Section.
P.L. 1991, ch. 421, § 1.
Terms Used In Rhode Island General Laws 45-54-11
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.