Rhode Island General Laws 42-99-5. Transactions with the corporation
Any municipality is authorized from time to time to sell or otherwise convey to the corporation any property held by the municipality and to lease from the corporation, or contract with the corporation with respect to any facilities, or any interest therein, held by the corporation under this chapter. The provisions of any other laws or ordinances, general, special or local, or of any rule or regulation of the state or the municipality, or of any municipal charter provision, restricting or regulating in any manner the power of the state or the municipality to lease (as lessee or lessor) or sell or convey property, real, personal, or mixed, shall not apply to leases and sales made pursuant to the authority conferred by this chapter.
History of Section.
P.L. 1987, ch. 455, § 5.
Terms Used In Rhode Island General Laws 42-99-5
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC