Rhode Island General Laws 45-58-9. Separation of utility assets and fire protection assets
Upon April 4, 2001, ownership of the utility assets previously titled to, or otherwise owned or controlled by, the Pascoag fire district shall be transferred to the utility district, subject to any security interest of record relating to such utility assets, which security interests, if any, shall remain in full force and effect and be unimpaired by the transfer of ownership of the utility assets. All fire protection assets that are the property of Pascoag fire district on April 4, 2001 shall remain the property of the fire district. To the extent that individual assets presently titled to the Pascoag fire district cannot be classified as either utility assets or fire protection assets, the utility district and the fire district shall negotiate in good faith to transfer title to such assets to one entity or the other, with or without cost but in all cases preserving any applicable contract rights of third parties. The utility district and the fire district may agree to joint ownership or control of assets that cannot reasonably be classified as either utility assets or fire protection assets.
History of Section.
P.L. 2001, ch. 12, § 1; P.L. 2001, ch. 47, § 1.
Terms Used In Rhode Island General Laws 45-58-9
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Fire district: means the Pascoag fire district created by the act passed at the May session 1887, entitled "An Act to Incorporate the Pascoag Fire District" as thereafter amended and supplemented from time to time. See Rhode Island General Laws 45-58-2
- Fire protection assets: means that real property, facilities, equipment, statutory rights and privileges, and other tangible or intangible property of any kind whatever used in, or useful to, the conduct of the fire protection and prevention operations conducted prior to, on and after April 4, 2001 by the fire district. See Rhode Island General Laws 45-58-2
- Utility assets: means that real property, personal property, rights in any real and personal property, facilities, equipment, contract rights, statutory rights and privileges, franchises and other tangible or intangible property of any kind whatever used in, or useful to, the conduct of the electric and water utility operations conducted prior to April 4, 2001 by the fire district, and on and after April 4, 2001 by the utility district. See Rhode Island General Laws 45-58-2
- Utility district: means the Pascoag utility district, a quasi-municipal corporation, district and political subdivision of the state established and empowered by this chapter to:
(i) Succeed to and fulfill the electric and water utility functions, powers, rights, property and obligations heretofore held and fulfilled by the Pascoag fire district created by the act passed at the May session 1887, entitled "An Act to Incorporate the Pascoag Fire District" as thereafter amended and supplemented from time to time;
(ii) Exercise certain additional powers as a water supplier, an electric distribution company and as a nonregulated power producer; and
(iii) To provide additional utility services not inconsistent with the duties, powers and obligations of the utility district as defined in this section. See Rhode Island General Laws 45-58-2