§ 45-54-10. Revenue bonds.
(a) The corporation is authorized to provide by resolution for the issuance, at one time
or from time to time, of revenue bonds of the corporation for the purpose of paying
all or part of the cost of any one or more projects, the construction or acquisition
of which is authorized by this chapter. The principal of and the interest on the bonds
are payable from the funds provided for payment. The bonds of each issue shall be
dated, bear interest at the rate or rates that the corporation determines, payable
from time to time, shall mature at a time or times not exceeding fifty (50) years
from their date or dates, as may be determined by the corporation, and may be redeemable
before maturity, at the option of the corporation, at the price or prices and under
terms and conditions that may be fixed by the corporation prior to the issuance of
the bonds. The corporation shall determine the form of the bonds, including any interest
coupons to be attached to them, and shall fix the denomination or denominations of
the bonds and the place or places of payment of the principal and interest, which
may be at any bank or trust company within or without the state. The bonds shall be
signed by the chairperson of the corporation, or a facsimile of the signature shall
be impressed or imprinted on the bonds and attested by the manual or facsimile signature
of the secretary of the corporation, and any coupons attached to the bonds shall bear
the facsimile signature of the chairperson of the corporation. In case any officer
whose signature, or the facsimile of whose signature, appears on any bonds or coupons
ceases to be an officer before the delivery of the bonds, the signature or the facsimile
is nevertheless valid and sufficient for all purposes, the same as if he or she had
remained in office until the delivery. The bonds may be issued in coupon or in registered
form, or both, as the corporation may determine, and provision may be made for the
registration of any coupon bonds as to principal alone and, also, as to both principal
and interest, for the reconversion into coupon bonds of any bonds registered and coupon
bonds. The corporation may sell bonds in a manner, either at public or private sale,
and for a price, as it may determine will best effect the purpose of this chapter.
(b) The proceeds of the bonds of each issue shall be used for the payment of the cost
of the project or projects for which the bonds have been issued, and shall be disbursed
in a manner and under restrictions, if any, that the corporation may provide in the
resolution authorizing the issuance of the bonds or in the trust agreement securing
the bonds. If the proceeds of the bonds of any issue, by error of estimates or otherwise,
are less than the cost, additional bonds may in like manner be issued to provide the
amount of the deficit, and, unless otherwise provided in the resolution authorizing
the issuance of the bonds or in the trust agreement securing the bonds, are deemed
to be of the same issue and shall be entitled to payment from the same fund without
preference of priority of the bonds first issued. If the proceeds of the bonds of
any issue exceed the cost, the surplus shall be deposited to the credit of the sinking
fund for the bonds or may be applied to the payment of the cost of any project thereafter
financed under the provisions of this chapter.
(c) Prior to the preparation of definitive bonds, the corporation may, under like restrictions,
issue interim receipts or temporary bonds, with or without coupons, exchangeable for
definitive bonds when definitive bonds have been executed and are available for delivery.
The corporation may also provide for the replacement of any bonds which become mutilated
or are destroyed or lost. Bonds may be issued under the provisions of this chapter
without obtaining the consent of any department, division, commission, board, bureau,
or agency of the state, and without any other proceedings or the happening of any
other conditions or things, other than those proceedings, conditions, or things which
are specifically required by this chapter.