Public Finance

CHAPTER 35-8.1
Refunding Bond Authority

SECTION 35-8.1-8.2

§ 35-8.1-8.2. Acquisition and construction of projects – Lease or sale – Conveyance to authority – Request for project.

(a) In order to benefit the people of the state and to provide for their general health and welfare and to maintain the high standards of public facilities and public equipment within the state the authority is hereby authorized and empowered to acquire and construct public facilities and to acquire public equipment; to maintain, repair and operate the same; and with the consent of both the governor and the general assembly to issue revenue bonds of the authority, payable solely from revenues derived from leasing of the projects, to finance the same. Development of the projects may be initiated by the authority only upon request of the proper agency of the federal government, or of the legislative body of the municipality seeking the project, or of both the general assembly and the governor in the case of the state, the director of administration with the approval of the governor being hereby authorized to enter into a contract of lease with the authority for the leasing of such projects upon such terms and conditions as shall be agreed to by the director of administration and the authority; and, in the case of public facilities (except those public facilities to be used in connection with projects to provide judicial complexes, administrative offices, educational facilities and warehouse facilities), shall require, prior to the issuance of such revenue bonds, approval by resolution of the legislative body of the municipality in which they are proposed to be located.

(b) Without limiting the generality of the foregoing the authority is expressly empowered to lease or sell a project or any part thereof to the state or to any municipality. Any such lease by the authority to the state or any municipality may be for such period, upon such terms and conditions, with or without an option to purchase, as the authority may determine.

(c) The provisions of any other laws or ordinances, general, special or local, or of any rule or regulation of the state or any municipality, restricting or regulating in any manner the power of the state or any municipality to lease (as lessee or lessor) or sell property, real, personal or mixed, shall not apply to leases and sales made with the authority pursuant to this chapter.

(d) The state and any municipality, notwithstanding any contrary provision of law, are hereby authorized and empowered to lease, lend, grant or convey to the authority, at its request upon such terms and conditions as the proper authorities of the state and any such municipality may deem reasonable and fair and without the necessity for any advertisement, order of court or other action or formality, other than the regular and formal action of the authorities concerned, any real property or personal property which may be necessary or convenient to the effectuation of the authorized purpose of the authority, including public roads and other real property already devoted to public use; and subject to the aforesaid, the state hereby consents to the use of all lands owned by it, including lands lying under water, which are deemed by the authority to be necessary for the construction or operation of any project.

(e) The authority is hereby authorized and empowered to contract for the acquisition of any of its projects or portions thereof by the federal government; and to contract with any state, federal, or municipal agencies for the performance of any services essential or convenient to its purposes under this chapter.

(f) Any request by the legislative body of a municipality seeking a project shall be in the form of a resolution adopted by a unanimous vote of such body, or, in the case of projects requested by the legislative bodies of two or more cities or towns comprising a joint or regional undertaking, by a unanimous vote of the legislative body of each such city or town participating in such undertaking.

History of Section.
(P.L. 1997, ch. 30, art. 2, § 5.)