§ 42-64.2-2. Creation.
(a) There is authorized, created, and established a public corporation of the state having
a distinct legal existence from the state and not constituting a department of state
government, which is a governmental agency and public instrumentality of the state,
to be known as the Rhode Island public rail corporation (formerly the Rhode Island
East Bay commuter transit corporation) with those powers that are set forth in this
chapter, for the purposes of acquiring and developing real and personal property and
to provide financing to others as set forth in this chapter, promoting the economic
development of the
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§ 42-64.2-2. Creation.
(a) There is authorized, created, and established a public corporation of the state having
a distinct legal existence from the state and not constituting a department of state
government, which is a governmental agency and public instrumentality of the state,
to be known as the Rhode Island public rail corporation (formerly the Rhode Island
East Bay commuter transit corporation) with those powers that are set forth in this
chapter, for the purposes of acquiring and developing real and personal property and
to provide financing to others as set forth in this chapter, promoting the economic
development of the state and the general welfare of its citizens.
(b) The exercise by the Rhode Island public rail corporation of the powers conferred by
this chapter shall be deemed and held to be the performance of an essential governmental
function of the state for public purposes. It is the intent of the general assembly
by the passage of this chapter to vest in the corporation all powers, authority, rights,
privileges, and titles which may be necessary to enable it to accomplish the purposes
set forth, and this chapter and the powers granted shall be liberally construed in
conformity with those purposes.
(c) The Rhode Island public rail corporation and its corporate existence shall continue
until terminated by law or until the corporation shall cease entirely and continuously
to conduct or be involved in any business whatsoever in furtherance of its purposes;
provided, that no termination shall take effect, so long as the corporation shall
have bonds, notes, or other obligations outstanding, unless adequate provision shall
have been made for their payment pursuant to the documents securing the bonds, notes
or other obligations or to the law. Upon termination of the existence of the corporation,
all its rights and properties shall pass to and be vested in the state. At no time
shall the assets or other property of the corporation inure to the benefit of any
person or other corporation or entity.