Title 45
Towns and Cities

Chapter 54
Municipal Detention Facility Corporations

R.I. Gen. Laws § 45-54-10

§ 45-54-10. Revenue bonds.

(a) The corporation is authorized to provide by resolution for the issuance, at one time or from time to time, of revenue bonds of the corporation for the purpose of paying all or part of the cost of any one or more projects, the construction or acquisition of which is authorized by this chapter. The principal of and the interest on the bonds are payable from the funds provided for payment. The bonds of each issue shall be dated, bear interest at the rate or rates that the corporation determines, payable from time to time, shall mature at a time or times not exceeding fifty (50) years from their date or dates, as may be determined by the corporation, and may be redeemable before maturity, at the option of the corporation, at the price or prices and under terms and conditions that may be fixed by the corporation prior to the issuance of the bonds. The corporation shall determine the form of the bonds, including any interest coupons to be attached to them, 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. The bonds shall be signed by the chairperson of the corporation, or a facsimile of the signature shall be impressed or imprinted on the bonds and attested by the manual or facsimile signature of the secretary of the corporation, and any coupons attached to the bonds shall bear the facsimile signature of the chairperson of the corporation. In case any officer whose signature, or the facsimile of whose signature, appears on any bonds or coupons ceases to be an officer before the delivery of the bonds, the signature or the facsimile is nevertheless valid and sufficient for all purposes, the same as if he or she had remained in office until the delivery. The bonds may be issued in coupon or in registered form, or both, as the corporation 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 and coupon bonds. The corporation may sell bonds in a manner, either at public or private sale, and for a price, as it may determine will best effect the purpose of this chapter.

(b) The proceeds of the bonds of each issue shall be used for the payment of the cost of the project or projects for which the bonds have been issued, and shall be disbursed in a manner and under restrictions, if any, that the corporation may provide in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds. If the proceeds of the bonds of any issue, by error of estimates or otherwise, are less than the cost, additional bonds may in like manner be issued to provide the amount of the deficit, and, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds, are deemed to be of the same issue and shall be entitled to payment from the same fund without preference of priority of the bonds first issued. If the proceeds of the bonds of any issue exceed the cost, the surplus shall be deposited to the credit of the sinking fund for the bonds or may be applied to the payment of the cost of any project thereafter financed under the provisions of this chapter.

(c) Prior to the preparation of definitive bonds, the corporation may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when definitive bonds have been executed and are available for delivery. The corporation may also provide for the replacement of any bonds which become mutilated or are destroyed or lost. Bonds may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, bureau, or agency of the state, and without any other proceedings or the happening of any other conditions or things, other than those proceedings, conditions, or things which are specifically required by this chapter.

History of Section.
P.L. 1991, ch. 421, § 1.