Rhode Island General Laws 45-54-23. Transfers to governmental body
When all bonds issued under the provisions of the chapter for each specific project and their interest have been paid, or a sufficient amount for the payment of all the bonds and their interest to the maturity of the bonds have been set aside in trust for the benefit of the bondholders, the specific project financed under the provisions of this chapter may be transferred to the municipality leasing the project on terms and conditions and for consideration that the corporation determines. If the corporation is dissolved, all funds of the corporation not required for the payment of bonds shall be paid to the treasurer of the municipality in which the corporation is established for the use of the municipality, and all property belonging to the corporation shall be vested in the municipality and delivered to it. No part of the net earnings of the authority shall be distributed to, or inure to the benefit of, any private person.
History of Section.
P.L. 1991, ch. 421, § 1.
Terms Used In Rhode Island General Laws 45-54-23
- 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.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6