Rhode Island General Laws 45-50-24. Limitation of powers
The state pledges to and agrees with any person, firm, or corporation, or federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction, extension, improvement, equipping, furnishing, or enlargement of any project or part of it, that the state will not limit or alter the rights vested in the authority until all bonds at any time issued, together with their interest, are fully met and discharged. The state does further pledge to and agree with the United States, and any other federal agency, that in the event that any federal agency constructs or contributes any funds for the construction, extension, improvement, equipping, furnishing, or enlargement of any project, or any portion of it, the state will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the due performance of any agreements between the authority and the federal agency; and the authority continues to have and may exercise all powers granted by this chapter, so long as the powers are necessary or desirable for the carrying out of the purposes of this chapter.
History of Section.
P.L. 1987, ch. 475, § 1.
Terms Used In Rhode Island General Laws 45-50-24
- authority: means any municipal public buildings authority created pursuant to this chapter, or, if the authority is abolished, the board, body, or commission succeeding to the principal functions or upon whom the powers of the authority given by this chapter are given by law. See Rhode Island General Laws 45-50-9
- bonds: means and includes the notes, bonds, and other evidences of indebtedness or obligations which the authority is authorized to issue pursuant to this chapter. See Rhode Island General Laws 45-50-9
- 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. See Rhode Island General Laws 45-50-9
- 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.
- federal agency: means and includes the United States of America, and any department of, or corporation, agency, or instrumentality created, designated, or established by the United States of America. See Rhode Island General Laws 45-50-9
- 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. See Rhode Island General Laws 45-50-9
- person: means and includes natural persons, firms, associations, corporations, business trusts, partnerships, and public bodies. See Rhode Island General Laws 45-50-9
- project: means any public facility or public equipment which the authority is authorized to construct, improve, equip, furnish, maintain, acquire, install, or operate under the provisions of this chapter, to provide for the conduct of the executive, legislative, and judicial functions of government, and its various branches, departments, and agencies. See Rhode Island General Laws 45-50-9
- state: means and includes the state of Rhode Island, and any office, department, board, commission, bureau, division, authority, public corporation, agency, or instrumentality thereof. See Rhode Island General Laws 45-50-9
- United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8