§ 24-12-40. Dissolution of Jamestown Bridge commission — Bridge to become toll free portion of
state highway system — Covenants with bondholders.
(a) In case provision shall be made for the redemption of the outstanding bridge revenue
refunding bonds of the Jamestown Bridge commission through the operation of the sinking
fund for the bonds before the issuance of revenue bonds under the provisions of § 24-12-21, or in case the outstanding bridge revenue refunding bonds are retired from the proceeds
of revenue bonds issued under the provisions of § 24-12-21, and in either event, the Jamestown Bridge commission shall thereupon be dissolved
and all powers
Free access — add to your briefcase to read the full text and ask questions with AI
§ 24-12-40. Dissolution of Jamestown Bridge commission — Bridge to become toll free portion of
state highway system — Covenants with bondholders.
(a) In case provision shall be made for the redemption of the outstanding bridge revenue
refunding bonds of the Jamestown Bridge commission through the operation of the sinking
fund for the bonds before the issuance of revenue bonds under the provisions of § 24-12-21, or in case the outstanding bridge revenue refunding bonds are retired from the proceeds
of revenue bonds issued under the provisions of § 24-12-21, and in either event, the Jamestown Bridge commission shall thereupon be dissolved
and all powers, control, and jurisdiction over and title to the Jamestown Bridge shall
vest immediately in the state, which shall thereafter maintain, repair, and operate
the bridge and the bridge shall thereafter constitute a toll free portion of the state
highway system.
(b) In recognition of engineering studies which show that the charging and collecting
of tolls for the use of the Jamestown Bridge or a failure of the state to maintain,
repair, and operate the bridge would decrease traffic over the Newport Bridge and
diminish the toll revenues to be received on account of the operation of the Newport
Bridge, the state covenants and agrees with the holders of any bonds or obligations
of the authority issued to pay the cost of the Newport Bridge, that during any period
when the bonds or obligations shall be outstanding and unpaid, the laws of Rhode Island
shall not be amended to authorize or permit the charging and collecting of tolls on
the Jamestown Bridge and the state shall maintain, repair, and operate the Jamestown
Bridge as a portion of the state highway system.