TITLE 42
State Affairs and Government

CHAPTER 42-55
Rhode Island Housing and Mortgage Finance Corporation

SECTION 42-55-13


§ 42-55-13. Bonds and notes.

(a)(1) The corporation shall have the power and is hereby authorized to issue from time to time its negotiable notes and bonds, whether tax exempt or taxable in the principal amount that the corporation shall determine to be necessary to provide sufficient funds for achieving any of its corporate purposes including the payment of interest on the notes and bonds of the corporation, establishment of reserves to secure those notes and bonds including the reserve funds created pursuant to § 42-55-14, and all other expenditures of the corporation incident to and necessary or convenient to carry out its corporate purposes and powers.

(2) The corporation shall have the power, from time to time, to issue (i) notes to renew notes and (ii) bonds to pay notes, including the interest on these notes and, whenever it deems refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund bonds then outstanding and partly for any of its corporate purposes.

(3) Except as may otherwise be expressly provided by resolution of the corporation, every issue of its notes and bonds shall be general obligations of the corporation payable out of any revenues or moneys of the corporation, subject only to any agreements with the holders of particular notes or bonds pledging any particular revenues.

(4) Notwithstanding any other provision contained in this section, proceeds of bonds issued by the corporation may be used to finance any housing development that constitutes a qualified residential rental project under § 142 of the Internal Revenue Code of 1986, 26 U.S.C. § 142, and all regulations promulgated thereunder.

(b) The notes and bonds shall be authorized by resolution or resolutions of the corporation, shall bear the date or dates and shall mature at the time or times that the resolution or resolutions may provide, except that no bond shall mature more than sixty-five (65) years from the date of its issue. The bonds may be issued as serial bonds payable in annual installments or as term bonds or as a combination of bonds. The notes and bonds shall bear interest at the rate or rates, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in the medium of payment, at the place or places within or without the state and be subject to the terms or redemption that the resolution or resolutions may provide. The notes and bonds of the corporation may be sold by the corporation, at public or private sale, at the price or prices that the corporation shall determine.

History of Section.
(P.L. 1973, ch. 262, § 1; P.L. 1982, ch. 295, § 9; P.L. 1987, ch. 287, § 1.)