§ 45-50-16 — § 45-50-16. Revenues.

§ 45-50-16. Revenues.

(a) The authority is authorized and empowered to fix, revise, and collect from time to time, subject to the provisions of this chapter, fees, rentals, and other charges for the use of projects of, or the services rendered by, the authority to pay:

(1) The cost of maintaining, repairing, and operating the project or projects or portion or portions of them; and

(2) The principal of, premium, if any, and interest on the bonds and notes as the bonds and notes become due and payable, and to create reserves for these purposes.

(b) The fees, rentals, and other charges are not subject to supervision or regulation by any commission, board, bureau, or agency of the state or of any municipality or other political subdivision of the state.

(c) The revenues derived from the project or projects or portion or portions of them, in connection with which the bonds or notes have been issued, may be pledged as provided in the resolution or the trust agreement. The pledge is valid and binding from the time when the pledge is made; the rentals, revenues, or other moneys pledged, and received by the authority, are immediately subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the claims. Neither the resolution nor any trust agreement by which a pledge is created need be filed or recorded except in the records of the authority. The use and disposition of revenues are subject to the provisions of the resolution authorizing the issuance of the bonds or the trust agreement.

Legislative History

P.L. 1987, ch. 475, § 1.