Public Finance

CHAPTER 35-8.1
Refunding Bond Authority

SECTION 35-8.1-8

§ 35-8.1-8. General powers.

To carry out the purposes of this chapter, the authority has the power to:

(1) Sue and be sued;

(2) Adopt and have an official seal and alter the seal at its pleasure;

(3) Make and alter bylaws, rules, and regulations for the conduct of its affairs and business;

(4) Maintain an office at such place or places within the state as it may determine;

(5) Acquire, hold, use, and dispose of its revenue income, funds, and moneys;

(6) Acquire, purchase, hold, and use any property, real, personal or mixed, tangible or intangible, or any interest therein necessary or desirable for carrying out the purposes of the authority, and to mortgage, lease, or sell any of the property; and (without limitation of the foregoing) to lease as lessee, any property, real, personal, or mixed, or any interest therein to lease as lessor to the federal government, the state, and any municipality any project of the authority, and to sell, transfer, and convey to any lessee or to any other person upon such terms and conditions and for such considerations as the authority shall determine.

(7) Borrow money, issue its bonds, provide for and secure the payment thereof, and provide for the rights of the holders thereof, and purchase, hold, and dispose of any of its bonds;

(8) Lend money for its purposes, invest and reinvest its funds, and, at its option, take and hold property, real or personal, as security for the payment of funds so loaned and invested, except that at no time will the authority take and hold property of the state as security for the payment of funds so loaned;

(9) Accept, in furtherance of its purposes, appropriations, gifts, or grants of property, funds, money, materials, labor, supplies, or services from the United States of America or the state or any other state or agencies or departments thereof, or from any governmental unit or any person, firm, or corporation, and to carry out the terms or provisions or make agreements with respect to those appropriations, gifts, or grants, and to do any and all things necessary, useful, desirable, or convenient in connection with the procurement, acceptance, or disposition of those appropriations, gifts, or grants;

(10) Do and perform any acts and things authorized by this chapter under, through, or by means of its officers or consultants or by contracts with any person, firm, or corporation;

(11) Make, enter into, and enforce all contracts or agreements necessary, convenient, or desirable for the purposes of the authority or pertaining to any loan to the state or to the performance of its duties and execution or carrying out of any of its powers under this chapter;

(12) Purchase any bond or interest rate insurance and establish such credit or liquidity enhancement arrangements with financial institutions as the authority shall deem advisable;

(13) Invest any funds or moneys of the authority in the same manner as permitted for investment of funds belonging to the state or held in the state treasury; and

(14) Do all acts and things necessary, convenient, or desirable to carry out the powers expressly granted or necessarily implied in this chapter;

(15) Acquire by purchase, lease, or otherwise, and to construct, improve, equip, furnish, maintain, repair, and operate projects, and to establish rules and regulations for the use of any project;

(16) Rent such space in such public facilities as from time to time may not be needed by any governmental entity to any person for such other purposes as the authority may determine and upon such terms and in such manner as the authority may determine;

(17) Employ, in its discretion, planning, architectural, or engineering consultants, attorneys, accountants, construction, and financial experts, superintendents, managers, and such other officers, employees and agents as may be necessary in its judgment, and to fix their compensation;

(18) Fix and revise from time to time, subject to the provisions of this chapter, and to charge and collect fees, rentals, and other charges for the use of the facilities of, or for the services rendered by, the authority or projects thereof, at rates to be determined by the authority, for the purpose of providing for the payment of the expenses of the authority, the acquisition, construction, improvement, repair, equipping, furnishing, maintenance, and operation of its facilities and properties, the payment of the principal of and interest on its obligations, and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any obligations;

(19) Without limitation of the foregoing, to borrow money from, to receive, and accept grants for or in aid of construction or acquisition of projects authorized under this chapter from, and to enter into contracts, leases, or other transactions with, any federal agency; and to receive and accept from the state or any municipality, 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;

(20) Combine for financing purposes any two (2) or more projects authorized to be acquired or constructed under the provisions of this chapter;

(21) Be a promoter, partner, member, owner, associate, or manager of any partnership, condominium, or other enterprise or venture;

(22) 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 hereinafter provided, such 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.

(23)(i) Issue bonds and notes of the type and for those projects and for those purposes specified in any Joint Resolution of the general assembly enacted by the Rhode Island house of representatives and the Rhode Island senate pursuant to section 18 of title 35 of the general laws entitled "Rhode Island Public Corporation Debt Management Act," which project and purposes specified in such Joint Resolution shall constitute a "project" within the meaning of this chapter; and

(ii) To enter into such agreements, to deliver such instruments, and to take such other actions as it shall deem necessary or desirable to effectuate the financing of such project.

History of Section.
(P.L. 1987, ch. 12, § 1; P.L. 1997, ch. 30, art. 2, § 4; P.L. 2014, ch. 145, art. 4, § 5.)