§ 42-64-16. Short-term notes.
Money borrowed by the Rhode Island commerce corporation for the purpose of providing
temporary financing of a project or projects or combination of projects pending the
issuance of bonds or other notes, shall be evidenced by notes or other obligations.
The principal and interest of all notes or other obligations of the corporation issued
under the provisions of this section shall be payable no later than the fourth anniversary
of the date of their issue, and shall be payable from the following:
(1)from the
proceeds of bonds subsequently issued; or (2) from the proceeds of subsequent borrowings
which comply
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§ 42-64-16. Short-term notes.
Money borrowed by the Rhode Island commerce corporation for the purpose of providing
temporary financing of a project or projects or combination of projects pending the
issuance of bonds or other notes, shall be evidenced by notes or other obligations.
The principal and interest of all notes or other obligations of the corporation issued
under the provisions of this section shall be payable no later than the fourth anniversary
of the date of their issue, and shall be payable from the following: (1) from the
proceeds of bonds subsequently issued; or (2) from the proceeds of subsequent borrowings
which comply with the provisions hereof; or (3) from general revenues of the corporation
which may be equal and proportionate with, but not superior to, that securing bonds
then outstanding or subsequently issued. Notwithstanding any other provisions of this
chapter, all these notes shall be deemed to be negotiable instruments under the laws
of the state of Rhode Island subject only to the provisions for registration contained
in those laws. The notes or other obligations or any issue of these shall be in a
form and contain any other provisions as the corporation may determine and the notes
or resolutions or proceedings authorizing the notes or other obligations or any issue
of these may contain, in addition to any provisions, conditions, covenants, or limitations
authorized by this chapter, any provisions, conditions, covenants, or limitations
which the corporation is authorized to include in any resolution or resolutions authorizing
bonds or notes or in any trust indenture relating to bonds or notes. The corporation
may issue the notes or other obligations in any manner either publicly or privately
on any terms as it may determine to be in its best interests. These notes or other
obligations may be issued under the provisions of this chapter without obtaining the
consent of any department, division, commission, board, body, or agency of the state,
without any other proceedings or the happening of any conditions or things other than
those proceedings, conditions, or things which are specifically required by this chapter
and by the provisions and resolutions authorizing the issuance of the notes or obligations.