(a)  The proceeds of the bonds described in part I of P.L. 1979, Chapter 157 shall be deposited by the Rhode Island economic development corporation in a special account to be designated “Rhode Island economic development assistance fund of 1979” (the “bond fund”) to be used from time to time to pay the costs of acquiring land and facilities thereon and carrying out economic development project plans for the development of those sites for sale or lease to, and use by private industry or business, or to discharge any indebtedness incurred by the Rhode Island economic development corporation in connection with any of the foregoing activities.

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Terms Used In Rhode Island General Laws 42-64.1-5

  • 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.
  • Economic development project: means a project undertaken by the economic development corporation for the acquisition, improvement and development of land and facilities thereon, for sale or lease to, and use by private industry and business (or for the discharge of indebtedness incurred by the port authority in connection with the foregoing activities) and shall include, without limiting the generality of the foregoing, the development of industrial parks, the acquisition of lands, buildings and other improvements, the installation, construction or reconstruction of site improvements, utilities, sewerage and water lines and systems, water towers, roads, rights-of-way, easements, engineering services, and other expenses related to the acquisition, improvement, and disposition of the project. See Rhode Island General Laws 42-64.1-3
  • 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
  • Rhode Island economic development corporation: means the public corporation and governmental agency and instrumentality of the state created pursuant to the Rhode Island Economic Development Corporation Act, or any subsidiary corporation approved by the general assembly. See Rhode Island General Laws 42-64.1-3
  • Rhode Island Economic Development Corporation Act: means chapter 64 of this title, as amended or supplemented from time to time. See Rhode Island General Laws 42-64.1-3

(b)  Payments received by the Rhode Island economic development corporation as lease rentals or the purchase price of the land and improvements shall be deposited in the bond fund and used by the Rhode Island economic development corporation from time to time, on a revolving basis to pay the expenses of the lease or sale of the land and improvements, to acquire additional land and improvements, to be developed for sale or lease in the same manner and to the same extent as described above, or to discharge indebtedness incurred by the Rhode Island economic development corporation in connection with the acquisition of land and improvements for development for sale or lease in accordance with the provisions hereof.

(c)  All moneys in the bond fund, whether proceeds from the sale of bonds or notes described in part I of P.L. 1979, Chapter 157, or revenues, receipts, or income from the sale or lease of projects, or investment income shall be trust funds to be used and applied solely as provided in this chapter, the Rhode Island Economic Development Corporation Act, chapter 64 of this title, and in the proceedings of the Rhode Island economic development corporation taken pursuant thereto, and shall not be pledged, assigned, hypothecated, or otherwise encumbered for any other purpose whatsoever.

(d)  Upon determination by the Rhode Island economic development corporation that the continued operation of the bond fund is no longer feasible, or upon termination of the existence of the Rhode Island economic development corporation, all moneys in the bond fund and rights relating thereto, and all properties acquired with the proceeds, shall pass to and be vested in the state.

(e)  In connection therewith, the operation of the bond fund, including the investment and reinvestment of moneys therein, the disposition of moneys for carrying out economic development projects, and the sale or lease of land and improvements to industrial and business users, shall be governed by the proceedings of the Rhode Island economic development corporation pursuant to the provisions of the Rhode Island Economic Development Corporation Act, chapter 64 of this title. In this regard powers granted to the Rhode Island economic development corporation by this chapter shall be regarded as supplemental and in addition to the powers conferred by other laws, including, but not limited to, the Rhode Island Economic Development Corporation Act, chapter 64 of this title.

History of Section.
P.L. 1979, ch. 157, Part II, § 1; P.L. 1986, ch. 198, § 39; P.L. 1995, ch. 370, art. 12, § 9; P.L. 2006, ch. 216, § 40.