Rhode Island § 45-38.1-20 § 45-38.1-20. Procedure before issuance of bonds or notes.

Rhode Island Statutes

§ 45-38.1-20 — § 45-38.1-20. Procedure before issuance of bonds or notes.

Rhode Island § 45-38.1-20

Title 45Towns and cities

Ch. 45-38.1Health and Educational Building Corporation

This text of Rhode Island § 45-38.1-20 (§ 45-38.1-20. Procedure before issuance of bonds or notes.) 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 § 45-38.1-20 (2026).

Text

§ 45-38.1-20. Procedure before issuance of bonds or notes.
Notwithstanding any other provisions of this chapter, the corporation is not empowered
            to undertake any project authorized by this chapter unless, prior to the issuance
            of any bonds or notes under this chapter, it has determined that:
         
(1) The acquisition, construction, or financing of the cost of the project will:
         
(i) With respect to an educational institution, enable or assist the institution to fulfill
            its obligations in providing education or care to the youth of this state;
         
(ii)

Free access — add to your briefcase to read the full text and ask questions with AI

§ 45-38.1-20. Procedure before issuance of bonds or notes.

Notwithstanding any other provisions of this chapter, the corporation is not empowered to undertake any project authorized by this chapter unless, prior to the issuance of any bonds or notes under this chapter, it has determined that:

(1) The acquisition, construction, or financing of the cost of the project will:

(i) With respect to an educational institution, enable or assist the institution to fulfill its obligations in providing education or care to the youth of this state;

(ii) With respect to a healthcare provider, enable the healthcare provider to improve the health of the people it serves by means of expanded health care, healthcare provider, and other related services; or

(iii) With respect to a municipality, enable the municipality to improve the health or living conditions or welfare of its residents by means of expanded access to public educational or public recreational facilities;

(2) The project is leased to, or owned by, a financially responsible educational institution, municipality, or healthcare provider within the state;

(3) Adequate provision has been, or will be, made for the payment of the cost of the construction and/or acquisition of the project, and, except with regard to those bonds issued through the corporation related to school housing project financing, that under no circumstances will the state be obligated, directly or indirectly, for the payment of the cost of the construction and/or acquisition of the project, or for the payment of the principal of, or interest on, any obligations issued to finance the construction and/or acquisition; and

(4) Adequate provision has been, or will be made in any agreement with respect to or lease of the project for payment of all costs of operation, maintenance, and upkeep of the project by the lessee, sublessee, or occupant so that under no circumstances is the state obligated, directly or indirectly, for the payment of the costs except with regard to state reimbursement for school housing projects; provided, that no findings shall be made and no financing effected under this chapter, with respect to healthcare providers, unless the proposed healthcare providers have first been approved by any state agency empowered to approve the construction of any healthcare providers in the manner provided in its general laws.

Legislative History

P.L. 1967, ch. 56, § 1; P.L. 1968, ch 224, § 2; P.L. 1991, ch. 292, § 1; P.L. 2000, ch. 184, § 1; P.L. 2004, ch. 595, art. 23, § 1; P.L. 2022, ch. 227, § 1, effective June 27, 2022; P.L. 2022, ch. 228, § 1, effective June 27, 2022; P.L. 2025, ch. 79, § 1, effective June 17, 2025; P.L. 2025, ch. 80, § 1, effective June 17, 2025.