Rhode Island § 24-12-40 § 24-12-40. Dissolution of Jamestown Bridge commission — Bridge to become toll free portion of state highway system — Covenants with bondholders.

Rhode Island Statutes

§ 24-12-40 — § 24-12-40. Dissolution of Jamestown Bridge commission — Bridge to become toll free portion of state highway system — Covenants with bondholders.

Rhode Island § 24-12-40

Title 24Highways

Ch. 24-12Rhode Island Turnpike and Bridge Authority

This text of Rhode Island § 24-12-40 (§ 24-12-40. Dissolution of Jamestown Bridge commission — Bridge to become toll free portion of state highway system — Covenants with bondholders.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 24-12-40 (2026).

Text

§ 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.