(a)  Notwithstanding any provision of any other law, including the Uniform Commercial Code:

(1)  Any pledge or assignment of revenues of any kind, funds, loan agreements, local governmental obligations, property, or assets made pursuant to the provisions of this chapter or chapter 18 of Title 24 by the agency, or any local governmental unit hereunder, shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise, whether or not the parties have notice thereof, and shall be deemed continuously perfected from the time it is made;

(2)  No filing of any kind with respect to a pledge or assignment need be made under the Uniform Commercial Code, as amended, or otherwise;

(3)  Unless otherwise provided in the loan agreement, a pledge of revenues of any kind shall be deemed to include a pledge of any accounts or general intangibles from which the pledged revenues are derived, whether existing at the time of the pledge or thereafter coming into existence, and whether held at the time of the pledge or thereafter acquired by the agency or local governmental unit, and the proceeds of the accounts or general intangibles; and

(4)  The pledge of revenues of any kind, accounts, and general intangibles shall be subject to the lien of the pledge without delivery or segregation, and the lien of the pledge shall be valid and binding against all parties having claims of contract or tort or otherwise against the agency or local governmental unit.

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Terms Used In Rhode Island General Laws 46-12.2-19

  • Agency: means the Rhode Island clean water finance agency, and, effective September 1, 2015, and thereafter, shall mean the Rhode Island infrastructure bank;

    (2)  "Approved project" means any project or portion thereof that has been issued a certificate of approval by the department for financial assistance from the agency, and also includes any project approved for financial assistance from the agency in accordance with state law, and, furthermore, shall include water pollution abatement projects funded outside of the water pollution control revolving fund, the Rhode Island water pollution control revolving fund, or the local interest subsidy trust fund, without the requirement of the issuance of a certificate of approval; and, furthermore, shall include resiliency related infrastructure projects, and projects which may, subject to compliance with all state and federal requirements, include state and federal infrastructure located within the state of Rhode Island;

    (3)  "Board" means the board of directors of the agency;

    (4)  "Bond act" means any general or special law authorizing a local governmental unit to incur indebtedness for all or any part of the cost of projects coming within the scope of a water pollution abatement project, or for other projects related to this chapter, including but not limited to, § 45-12-2;

    (5)  "Bonds" means bonds, notes, or other evidence of indebtedness of the agency;

    (6)  "Certificate of approval" means the certificate of approval contemplated by Rhode Island General Laws 46-12.2-2

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Revenues: when used with reference to the agency, means any receipts, fees, payments, moneys, revenues, or other payments received or to be received by the agency in the exercise of its corporate powers under this chapter, including, without limitation: loan repayments, payments on local governmental obligations, non-governmental obligations, grants, aid, appropriations, and other assistance from the state, the United States, or any agency, department, or instrumentality of either or of a political subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves, and other funds and accounts established by or pursuant to this chapter or in connection with the issuance of bonds, including, without limitation, the water pollution control revolving fund, the Rhode Island water pollution control revolving fund, and the local interest subsidy fund, and any other fees, charges or other income received or receivable by the agency;

    (27)  "Rhode Island water pollution control revolving fund" means the Rhode Island water pollution control revolving fund established pursuant to Rhode Island General Laws 46-12.2-2

  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC

(b)  A pledge of revenues of any kind under this chapter or chapter 18 of Title 24 shall constitute a sufficient appropriation thereof for the purposes of any provision for appropriation, and the revenues may be applied as required by the pledge without further appropriation.

(c)  For the purposes of this section, the word “pledge” shall be construed to include the grant of a security interest under the Uniform Commercial Code.

History of Section.
P.L. 1989, ch. 303, § 2; P.L. 2013, ch. 144, art. 20, § 2.