§ 24-12-40C. Additional state guaranteed and revenue bonds for Newport Bridge.
Notwithstanding any of the foregoing provisions of this chapter, the authority is
hereby authorized to provide by resolution for the issuance at one time or from time
to time for completion of the Newport Bridge seven million dollars ($7,000,000) aggregate
principal amount of bonds of the authority consisting of (1) state guaranteed bonds
of the authority in the aggregate principal amount of not exceeding three million
five hundred thousand dollars ($3,500,000) and designated "Newport Bridge bonds —
Guaranteed by the state,� and (2) with the approval of the governor, re
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§ 24-12-40C. Additional state guaranteed and revenue bonds for Newport Bridge.
Notwithstanding any of the foregoing provisions of this chapter, the authority is
hereby authorized to provide by resolution for the issuance at one time or from time
to time for completion of the Newport Bridge seven million dollars ($7,000,000) aggregate
principal amount of bonds of the authority consisting of (1) state guaranteed bonds
of the authority in the aggregate principal amount of not exceeding three million
five hundred thousand dollars ($3,500,000) and designated "Newport Bridge bonds —
Guaranteed by the state,� and (2) with the approval of the governor, revenue bonds
of the authority in the aggregate principal amount of not exceeding three million
five hundred thousand dollars ($3,500,000) and designated "Newport Bridge revenue
bonds.� The state guaranteed bonds and revenue bonds shall be in addition to the bonds
of the authority authorized pursuant to the foregoing provisions of this chapter,
and the issuance thereof and the maturities and other details thereof (including the
approval of the maturities of the state guaranteed bonds by the general treasurer)
shall be governed by the provisions of § 24-12-40B insofar as § 24-12-40B may be applicable and consistent with the provisions of this section. The state
guaranteed bonds and revenue bonds shall be treated, respectively, as state guaranteed
bonds and revenue bonds issued pursuant to § 24-12-40B for the purposes of deposits to the credit of and payments from the special funds
established pursuant thereto; provided, however that the proceeds of the additional
state guaranteed bonds shall be deposited to the credit of a special bond reserve
fund to be held by the general treasurer and applied (together with any investment
income therefrom), first, to the reimbursement of the state for all payments theretofore
made by the state for interest due on outstanding "Newport Bridge bonds — Guaranteed
by the state� of the authority pursuant to the guaranty of the state endorsed on the
bonds, and second, to the payment, pursuant to the guaranty, of interest becoming
due on "Newport Bridge bonds — Guaranteed by the stateâ€� of the authority, including
the additional state guaranteed bonds issued under the provisions of this section.
The authority is further authorized, subject to the approval of the general treasurer,
to provide by resolution for the issuance of bonds of the authority for the purpose
of refunding any of the additional state guaranteed bonds. The state hereby guarantees
the payment of the principal of and the interest on all the additional state guaranteed
bonds, including any bonds issued to refund the bonds, issued under the provisions
of this section as the bonds respectively become due and payable, and the full faith
and credit of the state is hereby pledged for the payment, and a statement to that
effect shall be endorsed on the bonds by the general treasurer.