Waters and Navigation

CHAPTER 46-12.2
Rhode Island Infrastructure Bank

SECTION 46-12.2-23

§ 46-12.2-23. Duration of agency – Termination.

The agency and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the agency shall have bonds outstanding, unless adequate provision has been made for the payment or satisfaction thereof. Upon termination of the agency, the title to all funds and other properties owned by it, which remain after provision for the payment or satisfaction of all bonds of the agency, shall vest in the state. The obligations, debts, and liabilities of the agency shall be assumed by and imposed upon the state, and shall be transferred to the state general treasurer or to such other successor as the general assembly may designate.

History of Section.
(P.L. 1989, ch. 303, § 2.)