Rhode Island General Laws 45-54-16. Refunding bonds
The corporation is authorized to provide for the issuance of refunding bonds of the corporation for the purpose of refunding any bonds then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premium thereon or interest accrued or to accrue to the earliest or subsequent date of redemption, purchase, or maturity of the bonds and, if deemed advisable by the authority, for the additional purpose of paying all or part of the cost of acquiring, constructing, reconstructing, rehabilitating, or improving any project. The proceeds of bonds or notes issued for the purpose of refunding outstanding bonds or notes may be applied, in the discretion of the corporation, to the purchase, retirement at maturity, or redemption of the outstanding bonds or notes either on their earliest or a subsequent redemption date, and may, pending that application, be placed in escrow. Any escrowed proceeds may be invested and reinvested in obligations of or guaranteed by the United States of America, or in certificates of deposit, time deposits, or repurchase agreements fully secured or guaranteed by the state or the United States, or an instrumentality of either, maturing at the time or times appropriate to assure the prompt payment, as to principal, interest, and redemption premium, if any, of the outstanding bonds or notes to be so refunded. After the terms of the escrow have been fully satisfied and carried out, any balance of the proceeds, and interest, income, and profits, if any, earned or realized on the investments, may be returned to the corporation for use by it in furtherance of its purposes. The portion of the proceeds of bonds or notes issued for the additional purpose of paying all or part of the cost of acquiring, constructing, reconstructing, rehabilitating, developing, or improving any project may be invested and reinvested in obligations, securities, and other investments consistent herewith, that are specified in the resolutions under which the bonds are authorized, and which shall mature not later than the times when the proceeds will be needed for these purposes. The interest, income, and profits, if any, earned or realized on the investments may be applied to the payment of all parts of the costs, or may be used by the corporation in furtherance of its purposes. The issuance of the bonds, the maturities, and other details, the rights of the holders, and the rights, duties, and obligations of the corporation in respect to all of the above shall be governed by the provisions of this chapter insofar as the provisions may be applicable.
History of Section.
P.L. 1991, ch. 421, § 1.
Terms Used In Rhode Island General Laws 45-54-16
- 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
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8