§ 23-99-5. Hub powers.
The hub shall have the following powers and all powers necessary to carry out and effectuate its purposes, including, without limitation, all powers necessary for the performance of the following:
(1) To have perpetual succession as a public corporate body and agency of the state and to adopt bylaws, rules, regulations, and procedures for its governance and conduct of its business;
(2) To act as the central entity and coordinating organization of life sciences initiatives on behalf of the state and to work in collaboration with governmental entities, bodies, centers, hubs, and facilities to promote life sciences;
(3) To engage accountants, architects, attorneys, engineers, planners, real estate experts, and other consultants as may be necessary in its judgment to carry out the purposes of this chapter;
(4) To obtain insurance for board directors, officers, and employees in order to indemnify said persons against the claims of others;
(5) To administer the investment fund, for the purposes of making appropriations, allocations, grants, or loans;
(6) To apply for and accept contributions of any source of money, property, labor, or any other things of value and to invest, disburse, appropriate, grant, loan, or allocate any funds for the purpose of investing in any life science initiative;
(7) To create access to capital, funding, and business support programs;
(8) To enter into venture agreements with persons, upon such terms and on such conditions as are consistent with the purposes of this chapter, for the advancement of financial aid to such persons for the research, development, and application of specific technologies, products, procedures, services, and techniques, to be developed and produced in this state, and to condition such agreements upon contractual assurances that the benefits of increasing or maintaining employment and tax revenues shall remain in this state and shall accrue to it;
(9) To enter into contracts and agreements to further scientific research in the state, aid in the promotion of the health of residents, foster jobs in the life sciences, and promote overall economic growth in the life sciences industry; and
(10) To issue bonds, notes, and any other obligations of the hub, subject to the provisions of chapter 18 of title 35 (“Rhode Island public corporation debt management”).
History of Section.
P.L. 2023, ch. 79, art. 7, § 2, effective September 1, 2023.