§ 42-34-15. Additions to mortgage insurance fund.
(a) If from time to time in the opinion of the authority the addition of moneys to the
mortgage insurance fund is required to meet obligations, the authority shall in writing
request the governor to provide sufficient moneys by a day specified for that purpose.
The governor shall request the general assembly, if in session, to appropriate moneys,
in the treasury, not otherwise appropriated, for that purpose. If the general assembly
is not in session or will not be in session within sixty (60) days of the date specified
in the request of the authority, or, if the general assembly has not provid
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§ 42-34-15. Additions to mortgage insurance fund.
(a) If from time to time in the opinion of the authority the addition of moneys to the
mortgage insurance fund is required to meet obligations, the authority shall in writing
request the governor to provide sufficient moneys by a day specified for that purpose.
The governor shall request the general assembly, if in session, to appropriate moneys,
in the treasury, not otherwise appropriated, for that purpose. If the general assembly
is not in session or will not be in session within sixty (60) days of the date specified
in the request of the authority, or, if the general assembly has not provided the
moneys requested within thirty (30) days of that date, the governor shall direct the
general treasurer to issue bonds in an amount at least equal to the amount requested
by the authority and as shall be necessary to carry out the purposes of this chapter
in serial form in the name and behalf of the state to be signed by the general treasurer
and countersigned by the secretary of state under the seal of the state to be designated
"the Rhode Island industrial-recreational building authority loan�. The bonds shall
be of the denomination of one thousand dollars ($1,000) or any multiple thereof, shall
be in coupon or registered form, shall bear interest at such rate or rates of interest
as may be fixed in accordance with the provisions of this section, payable semi-annually,
and the principal thereof and interest thereon shall be payable in any coin or currency
of the United States that at the time of payment shall be legal tender for public
and private debts. The date of maturity of the bonds shall be fixed by the general
treasurer, but shall not in any case be later than twenty-five (25) years from the
date of issue.
(b) The bonds so issued shall be deemed a pledge of the faith and credit of the state
and shall be exempt from taxation in this state. Whenever the governor shall approve
the issuance of the bonds, the governor shall certify the approval to the secretary
of state and that approval shall also be endorsed on each bond so approved with a
facsimile of the signature of the governor.
(c) The bonds shall be sold from time to time at not less than par, at public auction,
or in such other mode and at such times, in such amounts and at such rate or rates
of interest as the general treasurer, with the advice of the governor, shall deem
for the best interests of the state; provided, however, that the general treasurer,
with the approval of the governor, may from time to time sell any of the bonds to
the sinking fund commission as provided by law instead of selling them at public auction
or in some other mode as above provided; provided, further, however, that in the solicitation
of bids, the general treasurer shall require all bidders to state the lowest interest
rate, expressed in multiples of one tenth of one percent (.1%), at which the bidders
will purchase the bonds for not less than par.