Rhode Island § 35-8.1-16 § 35-8.1-16. Loan and trust agreement.

Rhode Island Statutes

§ 35-8.1-16 — § 35-8.1-16. Loan and trust agreement.

Rhode Island § 35-8.1-16

Title 35Public Finance

Ch. 35-8.1Refunding Bond Authority

This text of Rhode Island § 35-8.1-16 (§ 35-8.1-16. Loan and trust agreement.) 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 § 35-8.1-16 (2026).

Text

§ 35-8.1-16. Loan and trust agreement.
In the discretion of the authority, any bonds issued under the provisions of this
            chapter may be secured by a loan and trust agreement by and between the (1) authority,
            the state, and a corporate trustee, which may be any trust company or bank having
            the powers of a trust company within or without the state; or (2) the authority, the
            state and the state retirement system. The loan and trust agreement, or the resolution
            providing for the issuance of the bonds, may pledge or assign the revenues of the
            authority and may contain such provisions for protecting and enforcing the rights
            and remedies of the

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§ 35-8.1-16. Loan and trust agreement.

In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a loan and trust agreement by and between the (1) authority, the state, and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state; or (2) the authority, the state and the state retirement system. The loan and trust agreement, or the resolution providing for the issuance of the bonds, may pledge or assign the revenues of the authority and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law. It shall be lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of bonds or of revenues of the authority to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. The loan and trust agreement may set forth the rights and remedies of the bondholders and of the trustee, if applicable, and may restrict the individual right of action by bondholders.