(a)  Revenue bonds issued under the provisions of this chapter are not deemed to constitute a debt or a pledge of the faith and credit of the state or the municipality, but are payable solely from the funds provided from revenues. All revenue bonds shall contain on the face a statement to the effect that neither the state nor the municipality nor the corporation is obligated to pay the bonds or their interest except from the revenues of the project or projects on account of which the bonds are issued, and that neither the faith and credit nor the taxing power of the state or the municipality is pledged to the payment of the principal of or the interest on the bonds.

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Terms Used In Rhode Island General Laws 45-54-17

  • 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.

(b)  All expenses incurred in carrying out the provisions of this chapter are payable solely from the funds provided under the provisions of this chapter.

History of Section.
P.L. 1991, ch. 421, § 1.