Rhode Island § 45-54-23 § 45-54-23. Transfers to governmental body.

Rhode Island Statutes

§ 45-54-23 — § 45-54-23. Transfers to governmental body.

Rhode Island·Title 45 Towns and cities·Ch. 45-54 Municipal Detention Facility Corporations

§ 45-54-23. Transfers to governmental body.
When all bonds issued under the provisions of the chapter for each specific project
            and their interest have been paid, or a sufficient amount for the payment of all the
            bonds and their interest to the maturity of the bonds have been set aside in trust
            for the benefit of the bondholders, the specific project financed under the provisions
            of this chapter may be transferred to the municipality leasing the project on terms
            and conditions and for consideration that the corporation determines. If the corporation
            is dissolved, all funds of the corporation not required for the payment of bonds shall
            be

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§ 45-54-23. Transfers to governmental body.

When all bonds issued under the provisions of the chapter for each specific project and their interest have been paid, or a sufficient amount for the payment of all the bonds and their interest to the maturity of the bonds have been set aside in trust for the benefit of the bondholders, the specific project financed under the provisions of this chapter may be transferred to the municipality leasing the project on terms and conditions and for consideration that the corporation determines. If the corporation is dissolved, all funds of the corporation not required for the payment of bonds shall be paid to the treasurer of the municipality in which the corporation is established for the use of the municipality, and all property belonging to the corporation shall be vested in the municipality and delivered to it. No part of the net earnings of the authority shall be distributed to, or inure to the benefit of, any private person.

Rhode Island § 45-54-23 (§ 45-54-23. Transfers to governmental body.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.