§ 45-33-5 — § 45-33-5. Power to issue bonds — Revenue and mortgage bonds.

Rhode Island § 45-33-5

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-33: Redevelopment Financing

Text

§ 45-33-5. Power to issue bonds — Revenue and mortgage bonds.

An agency has power to issue bonds from time to time in its discretion, for any of its corporate purposes. The term "bondsâ€� means and includes the notes, bonds, and other evidences of indebtedness which an agency is authorized to issue pursuant to chapters 31 — 33 of this title. An agency also has power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it. An agency may issue those types of bonds as it may determine, including bonds on which the principal and interest are payable:

(1) Exclusively from the income and revenues of the development project or projects financed with the proceeds of those bonds, or with the proceeds together with financial assistance from the city, state, or federal governments in aid of the projects;

(2) Exclusively from the income and revenues of certain designated redevelopment projects whether or not they were financed in whole or in part with the proceeds of the bonds;

(3) From its revenues generally;

(4) From any contributions or other financial assistance from the city, state, or federal governments; or

(5) By any combination of these methods. Any of the bonds may be additionally secured by a pledge of any revenues or by an encumbrance (whether by mortgage, deed of trust, or otherwise) of any redevelopment project, projects, or other property of the agency.

Legislative History

P.L. 1956, ch. 3654, § 78; G.L. 1956, § 45-33-5; P.L. 1999, ch. 497, § 2.