Rhode Island General Laws 45-58-10. Succession of utility district to certain obligations of Pascoag fire district
Upon April 4, 2001, the utility district shall:
(1) Succeed to and become subject to the utility bond obligations heretofore imposed by any security interest or trust instrument upon the Pascoag fire district; and
(2) Succeed to the precise position of Pascoag fire district, without any waiver or augmentation of that position whatsoever, as to each wholesale power purchase or power sales agreement heretofore entered into by the fire district, that position to include such rights, claims or defenses as Pascoag fire district may have had prior to April 4, 2001 with respect to any obligation of any such contract.
History of Section.
P.L. 2001, ch. 12, § 1; P.L. 2001, ch. 47, § 1.
Terms Used In Rhode Island General Laws 45-58-10
- Contract: A legal written agreement that becomes binding when signed.
- Fire district: means the Pascoag fire district created by the act passed at the May session 1887, entitled "An Act to Incorporate the Pascoag Fire District" as thereafter amended and supplemented from time to time. See Rhode Island General Laws 45-58-2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Utility bond obligations: means the obligations represented by and inherent in any revenue or general obligation bond issued by the Pascoag fire district prior to April 4, 2001 for the purpose of financing any aspect of its electric or water utility system or operations, which obligations remain outstanding in any part as of April 4, 2001. See Rhode Island General Laws 45-58-2
- Utility district: means the Pascoag utility district, a quasi-municipal corporation, district and political subdivision of the state established and empowered by this chapter to:
(i) Succeed to and fulfill the electric and water utility functions, powers, rights, property and obligations heretofore held and fulfilled by the Pascoag fire district created by the act passed at the May session 1887, entitled "An Act to Incorporate the Pascoag Fire District" as thereafter amended and supplemented from time to time;
(ii) Exercise certain additional powers as a water supplier, an electric distribution company and as a nonregulated power producer; and
(iii) To provide additional utility services not inconsistent with the duties, powers and obligations of the utility district as defined in this section. See Rhode Island General Laws 45-58-2