§ 35-18-2. Definitions.
The words defined in this section shall have the meanings set forth below whenever
they appear in this chapter, unless the context in which they are used clearly requires
a different meaning:
(1) "Bond� and "obligation� mean an agreement by any person to repay borrowed money.
(2) "Economic development project� means any project which the Rhode Island industrial
facilities corporation is authorized to undertake, including, without limitation,
a project related to financing the acquisition of any land and any building or other
improvement which shall be suitable for manufacturing, warehousing, or other industrial
or commercial purposes, including research, production, processing, agricultural,
and marine commerce; provided, however, that the project may include, in addition,
the construction or improvement of access roads and utilities, but only access roads
and utilities, and only those which are necessary for the operation of that project.
(3) "Essential public facilities� means roads, bridges, airports, prisons, reservoirs,
waste and wastewater treatment facilities, educational facilities, and any other facilities
used by any state agency, department, board, or commission, including the board of
governors for higher education, to provide services to the public pursuant to the
requirements of state or federal law, all fixtures for any of those facilities and
facilities financed or refinanced by bonds or other obligations of the water resources
board corporate. It does not include any personal property.
(4) "Financing lease� means an agreement in the form of a lease between the state and
any person which provides that upon payment by the state as lessee of aggregate rent
equal to no less than all of the principal and interest on bonds or other obligations
issued by the lessor to finance the acquisition, construction, or improvement of all
or any part of an essential public facility, the state shall have the right to possess,
use and enjoy that facility pursuant to the lease for a specified period and the option
to purchase that facility for a nominal sum at the end of the period.
(5) "Governor� means the governor of the state.
(6) "Guarantee� and "guarantee lease� mean an agreement on the part of the state to guarantee
any liability of a public corporation except a liability of the Rhode Island industrial
recreational building authority.
(7) "Person� means an individual, partnership, corporation, public corporation, trust,
or association.
(8) "Public corporation� means any body corporate and politic created or to be created
pursuant to statute, including, without limitation, the Rhode Island industrial recreational
building authority, the Rhode Island economic development corporation and any subsidiaries
thereof, the Rhode Island industrial facilities corporation, the Rhode Island refunding
bond authority, the Rhode Island health and educational building authority, the board
of governors for higher education, the Rhode Island housing and mortgage finance corporation,
the Rhode Island resource recovery corporation, the Rhode Island public transit authority,
the Rhode Island student loan authority, the water resources board corporate, (except
as provided below), the Rhode Island health and educational building corporation,
the Rhode Island depositors economic protection corporation, the Rhode Island convention
center authority, the Rhode Island turnpike and bridge authority, their successors
and assigns. Cities, towns, and any corporation created by a city or town pursuant
to statute, and fire and water districts, are not public corporations under this chapter.
The water resources board corporate is not a public corporation under this chapter
to the extent it is financing or refinancing bonds or other obligations on behalf
of a city, town, city or town instrumentalities or agencies, or fire or water districts.
(9) "State� means the state of Rhode Island, and any department, office, board, commission,
or agency of the state.