Rhode Island General Laws 45-54-21. Limitation of powers
The state pledges to and agrees with the holders of any bonds or notes issued by the corporation, that the state will not limit or alter the rights vested in the corporation to fulfill the terms of any agreements made with the holders until those bonds or notes, together with their interest, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders, are fully met and discharged. The corporation is authorized to include this pledge and agreement of the state in any agreement with the holders of the bonds or notes.
History of Section.
P.L. 1991, ch. 421, § 1.
Terms Used In Rhode Island General Laws 45-54-21
- 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.