Rhode Island § 42-55-16 § 42-55-16. Sale of refunding obligations.

Rhode Island Statutes

§ 42-55-16 — § 42-55-16. Sale of refunding obligations.

Rhode Island § 42-55-16

Title 42State Affairs and Government

Ch. 42-55Rhode Island Housing and Mortgage Finance Corporation

This text of Rhode Island § 42-55-16 (§ 42-55-16. Sale of refunding obligations.) 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 § 42-55-16 (2026).

Text

§ 42-55-16. Sale of refunding obligations.
Refunding obligations issued as provided in § 42-55-15 may be sold or exchanged for outstanding obligations issued under this chapter and,
            if sold, the proceeds may be applied, in addition to any other authorized purposes,
            to the purchase, redemption, or payment of outstanding obligations. Pending the application
            of the proceeds of any refunding obligations, with any other available funds, to the
            payment of the principal, accrued interest, and any redemption premium on the obligations
            being refunded, and, if provided or permitted in the resolution authorizing the issuance
            of refunding obligations or in the 

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§ 42-55-16. Sale of refunding obligations.

Refunding obligations issued as provided in § 42-55-15 may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds may be applied, in addition to any other authorized purposes, to the purchase, redemption, or payment of outstanding obligations. Pending the application of the proceeds of any refunding obligations, with any other available funds, to the payment of the principal, accrued interest, and any redemption premium on the obligations being refunded, and, if provided or permitted in the resolution authorizing the issuance of refunding obligations or in the trust agreement securing the refunding obligations, to the payment of any interest on the refunding obligations and any expenses in connection with the refunding, the proceeds may be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by the United States which shall mature or which shall be subject to redemption by their holders, at the option of those holders, not later than the dates when the proceeds, together with the interest accruing on the proceeds, will be required for the purposes intended.