Rhode Island § 45-38.1-5.3 § 45-38.1-5.3. Conveyance of loan funding deposit after payment of bonds.

Rhode Island Statutes

§ 45-38.1-5.3 — § 45-38.1-5.3. Conveyance of loan funding deposit after payment of bonds.

Rhode Island § 45-38.1-5.3

Title 45Towns and cities

Ch. 45-38.1Health and Educational Building Corporation

This text of Rhode Island § 45-38.1-5.3 (§ 45-38.1-5.3. Conveyance of loan funding deposit after payment of bonds.) 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 § 45-38.1-5.3 (2026).

Text

§ 45-38.1-5.3. Conveyance of loan funding deposit after payment of bonds.
When the principal of, interest on, and premium, if any, due in connection with bonds
            or notes of the corporation issued to finance the cost of an education loan financing
            program or programs, including any refunding bonds or notes issued to refund and refinance
            those bonds or notes have been fully paid and retired, or when adequate provision
            has been made to fully pay and retire the bonds or notes, and all other conditions
            of the bond or note resolution authorizing the bonds or notes, have been satisfied
            and the security interest or lien created by the bond or note resolution

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§ 45-38.1-5.3. Conveyance of loan funding deposit after payment of bonds.

When the principal of, interest on, and premium, if any, due in connection with bonds or notes of the corporation issued to finance the cost of an education loan financing program or programs, including any refunding bonds or notes issued to refund and refinance those bonds or notes have been fully paid and retired, or when adequate provision has been made to fully pay and retire the bonds or notes, and all other conditions of the bond or note resolution authorizing the bonds or notes, have been satisfied and the security interest or lien created by the bond or note resolution has been released in accordance with the provisions of the resolution, the corporation shall promptly do those things and execute deeds and conveyances that are necessary and required to convey any remaining monies, properties, and other assets, comprising loan funding deposits, to the participating educational institutions which furnished the monies, properties, and other assets in proportion to the amounts furnished by the respective participating educational institutions.

Legislative History

P.L. 1982, ch. 301, § 3; P.L. 1991, ch. 292, § 1; P.L. 2000, ch. 184, § 1; P.L. 2025, ch. 79, § 1, effective June 17, 2025; P.L. 2025, ch. 80, § 1, effective June 17, 2025.