ARTICLE
20 AS AMENDED
RELATING TO EAST
BAY BRIDGE SYSTEM
SECTION 1. Title 24 of the General Laws entitled “HIGHWAYS”
is hereby amended by
adding thereto the following chapter:
CHAPTER
24-17
24-17-1.
Short Title. -- This chapter shall be known and
may be cited as the “
Bridge System Act of 2012”.
24-17-2.
Legislative findings. -- The general assembly
finds that:
(1) The State of
(“RIDOT”), funds the repair, replacement, and
maintenance of bridges in
the
(2)
infrastructure construction, maintenance, and operations. These
sources are Federal funds, State
bond funds, and motor fuel tax revenue. Of these sources,
two (Federal funds and motor fuel tax
revenue) are mutable.
(3) The 2008
Governor’s Blue Ribbon Panel on Transportation Funding and the 2011
Senate Special Commission on Sustainable
Transportation funding determined that there is
insufficient revenue available from all existing sources to fund
the maintenance and improvement
of
(4) In 2011, the
recommended systemic change to transportation funding by creating
the
Maintenance Trust Fund, to be funded by an increase in
license and registration fees and
contributions from the
(5) Although the
State is shifting from long-term borrowing to annual revenues to fund
transportation infrastructure, there is still a funding gap between
the revenue needed to maintain
all roads and bridges in good condition and the annual
amounts generated by current revenue
sources.
(6) The State has
sufficient financial resources to complete the construction of the new
Sakonnet River Bridge and to demolish the existing Sakonnet River Bridge, but does not have
sufficient financial resources to assure the future maintenance
and operation of the Sakonnet
(7) There is limited
access to and from
critical infrastructure includes the four bridges that
comprise the access to
state, but comprise approximately twenty percent of the
deck area of all
(8) Two of the four
bridges, the
Bridge, are owned and maintained by RIDOT. The
(“RITBA”) currently owns and maintains the other two
bridges: the
(9) In the current economic
and political climate, cooperation between State departments
and/or quasi-public agencies provides the best opportunity
to maximize financial and knowledge-
based resources.
(10) RITBA currently
assesses a toll for passage over the
serves as the sole source of revenue for RITBA to maintain
both the
(11) The
transportation infrastructure in order to assure the improvement and
proper operation and
maintenance of the structure and associated roadways.
(12) The current toll
structure places undue burden on the residents, businesses, and
visitors who must use the
services. It is crucial to establish a comprehensive strategy
to fund and maintain the bridges
connecting the
(13) The transfer of
the
would be in the best interests of the State of
living and working in the
(14) The placement of
a toll on the
would serve to create a more viable means of funding future
maintenance and repairs of the East
Bay bridges and would allow for the establishment of a
more equitable toll structure, along with a
fund for capital transportation projects and preventive
maintenance in the
24-17-3.
special account in the general fund to be known as the
(b) The fund shall
consist of all those moneys which the
Bridge Authority may and the state may, from time to
time, direct to the fund, including, but not
necessarily limited to, funds in excess of those required to (i) pay debt service payments, (ii)
operate and maintain the bridges; and (iii) maintain required
or adequate reserves.
(c) All funds
collected pursuant to this section shall be deposited in the EBI fund and
shall be used only in
chapter.
(d) Unexpended
balances and any earnings thereon shall not revert to the general fund but
shall remain in the EBI fund. There shall be no requirement
that moneys received into the EBI
fund during any given calendar year or fiscal year be
expended during the same calendar year or
fiscal year.
(e) The EBI fund
shall be administered by the director, who shall allocate and spend
moneys from the fund only in accordance with the purposes
and procedures set forth in this
chapter.
SECTION 2. Section 24-8-28 of the General Laws in Chapter
24-8 entitled
“Construction and
Maintenance of State Roads” is hereby repealed.
§ 24-8-28 The department of transportation shall have
full charge and control of the operation and maintenance
of the
Sakonnet
made a part of the state highway system. The department
shall appoint the attendants and other
employees as may be required for the care and operation of the
bridge, and in all matters of the
care, operation, and maintenance of the bridge the
department shall exercise full authority. All
appropriations for the care, maintenance, and repair of the bridge
shall be expended under the
direction of the department.
SECTION 3. Sections 24-12-1, 24-12-5, 24-12-9, 24-12-18,
24-12-26, 24-12-28, 24-12-
39 and 24-12-50 of the
General Laws in Chapter 24-12 entitled “
Turnpike Authority” are hereby amended to read as follows:
24-12-1. Definitions. -- As used in this chapter,
the following words and terms shall
have the following meanings, unless the context shall
indicate another or different meaning:
(1) "Additional
facility" means any bridge, (excluding the
approach or feeder
road, highway, road, freeway, tunnel, overpass, or underpass, parking
facility
or toll facility,
in the state, equipment or signal and information system, which the authority
is
authorized by this chapter or any other law to construct,
reconstruct, renovate, acquire, maintain,
repair, operate, or manage after May 3, 1954 or any portion
thereof.
(2) "Annual
period" means the one-year fiscal period of the state commencing on the
first
day of July of any year and ending the last day of June
of the following year.
(3)
"Authority" means the
2, or, if the authority shall be abolished, the board,
body, or commission succeeding to the
principal functions thereof or upon whom the powers given by the
chapter to the authority shall
be given by law.
(4) "Cost" as
applied to any project to be constructed, reconstructed, renovated,
maintained, acquired, leased, repaired, operated or
managed by the authority shall embrace the
cost of construction, reconstruction, renovation,
maintenance, repair, operation or management,
the cost of the acquisition of all land, rights-of-way,
property, rights, easements, and interests
acquired by the authority for the construction,
reconstruction, renovation, maintenance, repair,
operation or management, the cost of demolishing or removing
any buildings or structures on
land so acquired, including the cost of acquiring any
lands to which the buildings or structures
may be moved, the cost of all machinery and equipment,
financing charges, interest prior to and
during construction, reconstruction, renovation,
maintenance, repair, operation or management,
and for one year after completion of construction,
reconstruction, renovation, maintenance, repair,
operation or management, cost of traffic estimates and of
engineering and legal services, plans,
specifications, surveys, estimates of cost and of revenues, other
expenses necessary or incident to
determining the feasibility or practicability of construction, reconstruction,
renovation,
maintenance, repair, operation or management, administrative
expenses, and such other expenses
as may be necessary or incident to the construction,
reconstruction, renovation, maintenance,
repair, operation or management, the financing of the
construction, and the placing of the project
in operation, and in connection with the
ferry franchise. The word "cost" as applied to
any project which the authority may be authorized
to acquire means the amount of the purchase price,
lease payments, debt service payments, or the
amount of any condemnation award in connection with the
acquisition of the project, and shall
include the cost of acquiring all the capital stock of the corporation
owning the project, if such be
the case, and the amount to be paid to discharge all of
the obligations of the corporation in order
to vest title to the project in the authority, the cost
of improvements to the project which may be
determined by the authority to be necessary prior to the
financing thereof, interest during the
period of construction of the improvements and for one year
thereafter, the cost of all lands,
properties, rights, easements, franchises, and permits acquired,
the cost of engineering and legal
services, plans, specifications, surveys, estimates of cost
and of revenues, other expenses
necessary or incident to determining the feasibility or
practicability of the acquisition or
improvement, administrative expenses, and such other expenses as
may be necessary or incident
to the financing of the acquisition or improvement and
the placing of the project in operation by
the authority.
(ii) "Cost" as
applied to the
authority may deem necessary, following the acquisition of a
bridge under the provisions of § 24-
12-40A, to place the bridge in safe
and efficient condition for its operation. And as applied to any
project constructed or acquired by the authority under the
provisions of the chapter, the word
"cost" shall also
include such amounts as the authority may deem necessary for working capital
and to create a debt service reserve for
interest.
(iii)
"Cost" as applied to the
authority may deem necessary, following the acquisition of the
provisions of subsection 24-12-40F, to place the bridge in safe
and efficient condition for its
operation. As applied to any project constructed or acquired by
the authority under the provisions
of the chapter, the word "cost" shall also
include such amounts as the authority may deem
necessary for capitalized interest, working capital and to
create a debt service reserve.
(iv) “Cost” as
applied to the
as the authority may deem necessary, following the
acquisition of the
Bridge under the provisions of subsection 24-12-40G,
to place the bridge in safe and efficient
condition for its operation. As applied to any project
constructed or acquired by the authority
under the provisions of the chapter, the word
"cost" shall also include such amounts as the
authority may deem necessary for capitalized interest, working
capital and to create a debt service
reserve.
(5)
"Department" means the department of transportation, or, if the
department shall be
abolished, the board, body, or commission succeeding to the
principal functions thereof or upon
whom the powers given by chapter 5 of title 37 to the
department shall be given by law.
(6) "Ferry
franchise" means the existing franchises and rights to operate ferries
belonging
to the
property or real estate or tangible personal property of the
corporation which shall remain the
property of the corporation.
(7) "existing former
bridge over the west passage of
Narragansett Bay between the towns of
and the approaches thereto, and shall embrace all
tollhouses, administration, and other buildings
and structures used in connection therewith, together
with all property, rights, easements, and
interests acquired by the
operation of the bridge.
(8) "any the
bridge constructed in replacement of
the
embrace all tollhouses, administration, and other buildings
and structures used in connection
therewith, together with all property, rights, easements, and
interests acquired by the authority in
connection with the construction and operation of such bridge.
(9) "
corporation and which was acquired and is now owned and operated
by the
authority under the provisions of chapter 13 of this title, and
shall embrace all tollhouses,
administration, and other buildings and structures used in
connection therewith, together with all
property, rights, easements, and interests acquired by the
(10) "
constructed or to be
constructed under the provisions of this chapter over or under the waters of
Narragansett Bay between the
embrace the substructure and the superstructure thereof and
the approaches thereto and the
entrance plazas, interchanges, overpasses, underpasses,
tollhouses, administration, storage, and
other buildings, and highways connecting the bridge or
tunnel with the
Bridge (defined in subdivision (7 8) and
with state highways as the authority may determine to
construct from time to time in connection therewith, together
with all property, rights, easements,
and interests acquired by the authority for the
construction and operation of the bridge or tunnel
or combination of bridge and tunnel.
(11) "Owner"
means and include all individuals, incorporated
companies, partnerships,
societies, or associations, and also municipalities, political
subdivisions, and all public agencies
and instrumentalities, having any title or interest in
any property, rights, easements, or franchises
authorized to be acquired under the provisions of this chapter.
(12) "Project"
means the "
Bridge,” “
may be, or any portion thereof which may be financed,
acquired or leased under the provisions of
this chapter.
(13)
"Turnpike" means the controlled access highway or any portion thereof
to be
constructed or acquired, from time to time, under the
provisions of this chapter from a point at or
near the
(excluding the
the
overpasses, underpasses, interchanges, entrance plazas,
approaches, approach roads, tollhouses,
service stations, and administration, storage, and other
buildings and facilities which the authority
may deem necessary for the operation of the turnpike,
together with all property, rights,
easements, and interests which may be acquired by the authority
for the construction or the
operation of the turnpike.
(14) "
or to be constructed under the provisions of Article 36
of Chapter 376 of the Public Laws of 2003
between the towns of Tiverton and
superstructure thereof and the approaches thereto and the toll
structures, interchanges, overpasses,
underpasses, tollhouses, administration, storage, and other
buildings, and highways connecting
the bridge with state highways, as the authority may
determine to construct or acquire from time
to time in connection therewith, together with all
property, rights, easements, and interests
acquired by the authority for the construction and operation
of the bridge.
24-12-5. Power to
construct, reconstruct, renovate, acquire, maintain,
repair,
operate or manage projects or additional facilities and to
issue bonds. -- In order to facilitate
vehicular traffic, remove many of the present handicaps and
hazards on the congested highways
in the state, alleviate the barriers caused by large
bodies of water, and promote the agricultural
and industrial development of the state, the
authorized and empowered: to construct the
any additional facility hereafter authorized to be
constructed; to acquire the
to acquire the Sakonnet River
Bridge, to acquire the
additional facility hereafter authorized to be acquired (except
the ;
to
maintain, construct, reconstruct, renovate, acquire, repair,
operate or manage any project or
projects; and to issue bonds of the authority as provided in
this chapter to finance any project or
projects; provided, however, that the
by § 24-12-40A.
24-12-9. Powers of
authority. -- (a) The authority is hereby
authorized and empowered:
(1) To adopt bylaws for
the regulation of its affairs and the conduct of its business;
(2) To adopt an official
seal and alter it at pleasure;
(3) To maintain an
office at such place or places within the state as it may designate;
(4) To sue and be sued
in its own name, plead and be impleaded;
provided, however, that
any and all actions at law or in equity against the
authority shall be brought only in the county in
which the principal office of the authority shall be
located;
(5) To determine,
subject to the approval of the director of transportation, the location
and the design standards of the
constructed;
(6) To issue bonds of
the authority for any of its purposes and to refund its bonds, all as
provided in this chapter;
(7) To combine for
financing purposes the
Sakonnet River Bridge, the Jamestown Verrazzano
Bridge, the turnpike and any
additional
facility or facilities, or any two (2) or more of such
projects;
(8) To borrow money in
anticipation of the issuance of bonds for any of its purposes and
to issue notes, certificates, or other evidences of
borrowing in form as may be authorized by
resolution of the authority, the notes, certificates, or other
evidence of borrowing to be payable in
the first instance from the proceeds of any bonds issued
under the provisions of this chapter and
to contain on their face a statement to the effect that
neither the state, the authority nor any
municipality or other political subdivision of the state shall be
obligated to pay the same or the
interest thereon except from the proceeds of bonds in
anticipation of the issuance of which the
notes, certificates, or other evidences of borrowing shall
have been issued, or from revenues;
(9) To fix and revise
from time to time, subject to the provisions of this chapter, and to
charge and collect tolls for transit over the turnpike and
the several parts or sections thereof, and
for the use of the
Jamestown Verrazzano Bridge and any additional facility acquired, financed
or leased under the
provisions of this chapter;
(10) To acquire, lease,
hold and dispose of real and personal property in the exercise of
its powers and the performance of its duties;
(11) To acquire in the
name of the authority by purchase or otherwise, on such terms and
conditions and in such manner as it may deem proper, or by the
exercise of the rights of
condemnation in the manner as provided by this chapter, public or
private lands, including public
parks, playgrounds, or reservations, or parts thereof or rights
therein, rights-of-way, property,
rights, easements and interests as it may deem necessary for
carrying out the provisions of this
chapter; provided, however, that all public property damaged
in carrying out the powers granted
by this chapter shall be restored or repaired and placed
in its original condition as nearly as
practicable;
(12) To designate the
locations, with the approval of the director of transportation, and
establish, limit and control the points of ingress to and
egress from the turnpike and any
additional facility as may be necessary or desirable in the
judgment of the authority to insure the
proper operation and maintenance thereof, and to prohibit
entrance to and exit from any point or
points not so designated;
(13) To employ, in its
discretion, consulting engineers, attorneys, accountants,
construction and financial experts, superintendents, managers, and
such other employees and
agents as may be necessary in its judgment, and to fix their
compensation;
(14) To apply for,
receive and accept from any federal agency aid and/or grants for or in
aid of the repair, maintenance and/or construction
of the turnpike, the
additional facility, and to receive and accept from the state,
from any municipality, or other
political subdivision thereof and from any other source aid or
contributions of either money,
property, labor or other things of value, to be held, used and
applied only for the purposes for
which the grants and contributions may be made;
(15) To construct grade
separations at intersections of the turnpike, the approaches and
highway connections of the
the
other public ways or places, and to change and adjust the
lines and grades thereof so as to
accommodate the same to the design of the grade separation; the
cost of the grade separations and
any damage incurred in changing and adjusting the lines
and grades of the highways, streets,
ways, and places shall be ascertained and paid by the
authority as a part of the cost of the project;
(16) To vacate or change
the location of any portion of any public highway, street, or
other public way or place, sewer, pipe, main, conduit,
cable, wire, tower, pole, and other
equipment and appliance of the state or of any municipality or
other political subdivision of the
state and to reconstruct the same at such new location as
the authority shall deem most favorable
for the project and of substantially the same type and in
as good condition as the original
highway, street, way, place, sewer, pipe, main, conduit,
cable, wire, tower, pole, equipment, or
appliance, and the cost of the reconstruction and any damage
incurred in vacating or changing the
location thereof shall be ascertained and paid by the
authority as a part of the cost of the project;
any public highway, street or other public way or place
vacated or relocated by the authority shall
be vacated or relocated in the manner provided by law
for the vacation or relocation of public
roads, and any damages awarded on account thereof shall be
paid by the authority as a part of the
cost of the project;
(17) The authority shall
also have the power to make reasonable regulations, subject to
the approval of the public utility administrator, for the
installation, construction, maintenance,
repair, renewal, relocation and removal of tracks, pipes,
mains, conduits, cables, wires, towers,
poles, and other equipment and appliances (herein called
"public utility facilities") of any public
utility as defined in § 39-1-2, in, on, along, over or under
any project. Whenever the authority
shall determine that it is necessary that any public
facilities which now are, or hereafter may be,
located in, on, along, over, or under any project should be
relocated in the project, or should be
removed from the project, the public utility owning or
operating the facilities shall relocate or
remove the facilities in accordance with the order of the
authority; provided, however, that the
cost and expenses of the relocation or removal, including
the cost of installing the facilities in a
new location, or new locations, and the cost of any
lands, or any rights or interests in lands, and
any other rights acquired to accomplish the relocation or
removal, less the cost of any lands or
any rights or interests in lands of any other rights of
the public utility paid to the public utility in
connection with the relocation or removal of the property, shall
be ascertained and paid by the
authority as a part of the cost of the project. In case of any
relocation or removal of facilities the
public utility owning or operating the facilities, its
successors or assigns, may maintain and
operate the facilities, with the necessary appurtenances, in
the new location or new locations, for
as long a period, and upon the same terms and
conditions, as it had the right to maintain and
operate the facilities in their former location or locations;
(18) To make reasonable
regulations and to grant easements for the installation,
construction, maintenance, repair, renewal, relocation, and
removal of pipelines, other equipment,
and appliances of any corporation or person owning or
operating pipelines in, on, along, over, or
under the turnpike, whenever the authority shall determine
that it is necessary that any facilities
which now are, or hereafter may be located in, on, along,
over or under the turnpike should be
relocated in the turnpike, or should be removed from the
turnpike, the corporation or person
owning or operating the facilities shall relocate or remove
the facilities in accordance with the
order of the authority; provided, however, that the cost
and expense of the relocation or removal,
including the cost of installing the facilities in a new
location, or new locations, and the cost of
any lands, or any rights or interests in lands, and any
other rights acquired to accomplish the
relocation or removal, less the cost of any lands or any rights
or interests in lands or any other
rights of any corporation or person paid to any corporation
or person in connection with the
relocation or removal of the property, shall be ascertained and
paid by the authority as a part of
the cost of the project. In case of any relocation or
removal of facilities the corporation or person
owning or operating the facilities, its successors or
assigns, may maintain and operate the
facilities, with the necessary appurtenances, in the new
location or new locations, for as long a
period, and upon the same terms and conditions, as it had
the right to maintain and operate the
facilities in their former location or locations;
(19) To enter upon any
lands, waters, and premises for the purpose of making such
surveys, soundings, borings, and examinations as the
authority may deem necessary or
convenient for its purposes, and the entry shall not be deemed a
trespass, nor shall an entry for
such purposes be deemed an entry under any condemnation
proceedings; provided, however, the
authority shall pay any actual damage resulting to the lands,
water, and premises as a result of the
entry and activities as a part of the cost of the project;
(20) To enter into
contracts or agreements with any board, commission, public
instrumentality of another state or the federal government or
with any political subdivision of
another state relating to the connection or connections to be
established between the turnpike or
any additional facility with any public highway or
turnpike now in existence or hereafter to be
constructed in another state, and with respect to the
construction, maintenance and operation of
interstate turnpikes or expressways;
(21) To enter into
contracts with the department of transportation with respect to the
construction, reconstruction, renovation, acquisition,
maintenance, repair, mitigation,
remediation, operation or management of any project and with the
respect to the policing of any project;
(22) To make and enter
into all contracts and agreements necessary or incidental to the
performance of its duties and the execution of its powers under
this chapter; and
(23) To do all other
acts and things necessary or convenient to carry out the powers
expressly granted in this chapter.
(24) To grant and/or
contract through the transfer of funds of the authority to the
department of transportation for the construction,
reconstruction, acquisition, maintenance, repair,
operation or management by the department of transportation of any
project or projects
authorized by this chapter, and the department of transportation
is authorized to accept any such
grant or transfer of funds.
(b) Provided, the
authority in carrying out the provisions of this section shall hold public
hearings in the city or town where a proposed project will be
located prior to the finalization of
any specifications or the awarding of any contracts for
any project.
24-12-18.
Bonds. -- (a) Issuance
and sale of revenue bonds. Subject to the
provisions of
§§24-12-21 24-12-24 tThe authority is hereby
authorized to provide by resolution for the
issuance, at one time or in series from time to time, of
revenue bonds of the authority for the
purpose of paying all or a part of the cost of any one or more
projects, the construction,
reconstruction, renovation, acquisition, maintenance, repair,
operation or management of which is
authorized by this chapter, and making provision for working
capital and a debt service reserve
for interest.
The principal of and the interest on the bonds shall be payable solely from the
funds
herein provided for the payment. The bonds of each issue
shall be dated, shall bear interest at
such rate or rates per annum, shall mature at such time or
times not exceeding fifty (50) years
from their date or dates, as may be determined by the
authority, and may be made redeemable
before maturity, at the option of the authority, at such
price or prices and under such terms and
conditions as may be fixed by the authority prior to the
issuance of the bonds. The authority may
sell such bonds in such manner, either at public or
private sale, and for such price, as it may
determine to be for the best interests of the authority, but
no such sale shall be made at a price
less than ninety-seven percent (97%) of the principal
amount of the bonds.
(b) Form and execution of all bonds. The authority shall determine the
form and the
manner of execution of all bonds issued under the provisions
of this chapter, including any
interest coupons to be attached thereto, 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. In case
any officer whose signature or a facsimile of
whose signature shall appear on any bonds or coupons shall
cease to be an officer before the
delivery of the bonds, the signature or the facsimile shall
nevertheless be valid and sufficient for
all purposes the same as if the officer had remained in
office until the delivery, and any bond may
bear the facsimile signature of, or may be signed by, the
persons as at the actual time of the
execution of the bond shall be the proper officers to sign the bond
although at the date of the bond
the persons may not have been the officers. The bonds may
be issued in coupon or in registered
form, and in certificated or book entry only form as the
authority 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 as to both
principal and interest, and for the interchange of registered
and coupon bonds.
24-12-26. Power to collect tolls and charges – Gasoline and service
concessions. --
(a) The authority is hereby authorized, subject to the
provisions of this chapter, to fix, revise,
charge and collect tolls for the use of the
sections thereof, and for the use of any additional facility
and the different parts or sections
thereof, and to contract with any person, partnership,
association or corporation for placing on
any project telephone, telegraph, electric light or
power lines, gas stations, garages, and
restaurants if deemed necessary by the authority in connection
with the project, or for the use of
any project or part thereof, including the right-of-way
adjoining the paved portion of the turnpike
or of any additional facility or for any other purposes
and to fix the terms, conditions, rents and
rates of charges for such use; provided, that the authority
shall construct any gasoline service
facilities which it may determine are needed on the project, and
provided, further, that, to afford
users of the project a reasonable choice of motor fuels of
different brands, each gasoline service
station shall be separately offered for lease upon sealed
bids and, after notice of the offer has been
published once a week in three (3) consecutive weeks in a
newspaper having general circulation
in the state, and, in the event an acceptable bid shall
be received in the judgment of the authority,
each lease shall be awarded to the highest responsible
bidder therefor, but no person shall be
awarded or have the use of, nor shall motor fuel identified
by the trade-marks, trade names, or
brands of any one supplier, distributor, or retailer of such
fuel be sold at more than one service
station if they would constitute more than twenty-five
percent (25%) of the service stations on the
project. Notwithstanding the provisions of this section, members
of the town of
and fire department and ambulance service personnel of
the town of
school department who, in the course of their duty, are
required to pay a toll for use of the
turn shall be reimbursed for all payments made by the
state. Notwithstanding the provisions of
this section, members of the city of
who, in the course of their duty, are required to pay a
toll for use of the
upon the presentment of receipts for the payment of the toll
to the city of
for all charges on an annual basis by the city of
payments made by the state.
(b) Notwithstanding the
provisions of this section, members of the police and fire
department and rescue personnel of any city or town in this
state who, in the course of their duty,
are required to pay a toll for use of the
upon the presentment of receipts for the payment of the
toll to their town or city, be reimbursed
for all such charges on an annual basis by the town or
city, who in turn shall be reimbursed for all
payments made by the state.
24-12-28. Revenues
pledged to sinking fund. -- To the extent provided in the resolution
authorizing the issuance of bonds or finance lease or in
the trust agreement securing the same, the
tolls and all other revenues received by the authority
derived from the project or projects or
portion or portions in connection with which the bonds of any
one or more series shall have been
issued, shall be set aside at such regular intervals as may
be provided in the resolution or the trust
agreement in a sinking fund or funds which shall be pledged to,
and charged with, the payment of
the lease payments and/or of the principal of and the interest on the bonds as
the bonds shall
become due, and the redemption price or the purchase price
of bonds or other obligations retired
by call or purchase as provided in the resolution or
trust agreement. The pledge shall be valid and
binding from the time when the pledge is made; the tolls and
other revenues or other money so
pledged and thereafter received by the authority shall
immediately be subject to the lien of the
pledge without any physical delivery thereof or further act,
and the lien of any pledge shall be
valid and binding as against all parties having claims of
any kind in tort, contract, or otherwise
against the authority, irrespective of whether the parties
have notice thereof. 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 money to the credit of each sinking
fund shall be subject to the provisions of the resolution
authorizing the issuance of the lease, the
bonds or of the trust agreement. Notwithstanding any
provision(s) of Section 3 of Article 6 of
Chapter 23 of the Public Laws of 2010, the provisions
of this section shall apply to all bonds
issued or to be issued by the authority.
24-12-39.
Transfer of projects to state – Dissolution of authority.--
When all bonds
issued under the provisions of this chapter and the interest
thereon shall have been paid or a
sufficient amount for the payment of all the bonds and the
interest thereon to the maturity thereof
shall have been set aside in trust for the benefit of the
bondholders, all projects financed under the
provisions of this chapter shall may be
transferred to the state in good condition and repair, and
thereupon the authority shall be dissolved and all funds of the
authority not required for the
payment of bonds shall be paid to the general treasurer for
the use of the state and all machinery,
equipment and other property belonging to the authority shall
be vested in the state and delivered
to the department of transportation.
24-12-50.
Relationship to department of transportation. -- (a)
The department of
transportation is hereby constituted as the agency for the authority
in carrying out all of the
powers to construct, acquire, operate, and maintain
turnpikes and bridges as conferred by the
general laws upon the authority.
(b) Nothing in chapter
13 of title 42 or in this amendment to chapter 12 of title 24 shall
limit the discretions, powers, and authorities of the
necessary or desirable for it to execute and carry out the
covenants, agreements, duties, and
liabilities assumed by it in the trust agreement by and between
the authority and the
hospital trust company, as the then serving trustee under indenture dated as of December
1, 1965
April 1, 2010,
as supplemented from time to time, nor shall these chapters be construed in any
way to affect the rights, privileges, powers, and
remedies of any trustee the
trust company and
its successors, or of the holders of the bonds issued under any indenture, or
under any resolutions of the authority.
SECTION 4. Chapter 24-12 of the General Laws entitled “Rhode
Island Turnpike and
Bridge Authority” is hereby
amended by adding thereto the following sections:
24-12-40.F. Title
to
bridge authority – Institution of tolls. -- All
powers, control, and jurisdiction of and title to the
authority. The authority may charge and collect tolls for the
use of the
provide funds sufficient with any other monies available therefor for paying the costs of
acquiring, leasing, maintaining, repairing and operating, the
additional facilities.
24-12-40.G. Title
to
and bridge authority -- All
powers, control, and jurisdiction of and title to the
authority.
SECTION 5. This article shall take effect upon passage.