Section 870-RICR-30-00-6.18 - Corporation TIF FundA. An Applicant who is granted an exemption as a significant taxpayer under R.I. Gen. Laws § 42-64.21-5(d) shall make payments in lieu of taxes of all exempted amounts directly to the Corporation or as directed by the Corporation to a bond trustee. Except to the extent assigned to a bond trustee pursuant to § 6.18(D) of this Part, all payments in lieu of taxed collected from an Applicant shall, promptly upon receipt by the Corporation, be deposited into the Corporation TIF Fund. There shall also be deposited into the Corporation TIF Fund the proceeds of any bonds issued by the Corporation pursuant to § 6.18(D) of this Part.B. Amounts in the Corporation TIF Fund shall be used to fund the making of TIF Payments by the Corporation to any Developer in accordance with the TIF Agreement in respect of such Developer's Qualified Development Project. The Corporation shall establish separate accounts within the Corporation TIF Fund to account for the receipt and application of specific funds in support of each separate Qualified Development Project to be funded from the Corporation TIF Fund. Up to the amount provided in the related TIF Agreement, moneys deposited into the Corporation TIF Fund with respect to a particular Qualified Development Project shall be used only for that purpose, unless the Corporation determines that any such amount is no longer needed or eligible for payment.C. As provided in R.I. Gen. Laws Chapter 42-64, the Corporation may issue bonds from time to time in order to fund a deposit into the Corporation TIF Fund. A resolution authorizing such bonds may either identify the particular TIF Agreement(s) and the related Qualified Development Project(s) for which TIF Payments are to be funded through the bond proceeds, or may provide that the disposition of bond proceeds shall be determined by subsequent resolution of the Corporation. Such resolution shall also specify the payments in lieu of taxes that will secure the repayment of such bonds, which may constitute all or any portion or percentage of such payments in lieu of taxes derived from all or any combination of present and/or future TIF Agreements. The debt service on the bonds shall be structured to correspond to the projected receipt of such payments in lieu of taxes.D. If the Corporation issues bonds pursuant to § 6.18(C) of this Part, the Corporation shall pledge and assign the payments in lieu of taxes specified in the resolution authorizing such bonds directly to the bond trustee for such bonds, as payment or security for the bonds. Such pledge and assignment shall be an absolute assignment of all of the Corporation's right, title and interest in such payments in lieu of taxes, notwithstanding the Corporation's continuing enforcement of said payments on behalf of the bond trustee.E. Obligations issued under the provisions of these Rules shall not constitute a debt, liability or obligation of the State or of any political subdivision of the State other than the Corporation or a pledge of the faith and credit of the State or any political subdivision other than the Corporation but shall be payable solely from the payment in lieu of taxes pledged by the Corporation. Each obligation issued by the Corporation shall contain on its face a statement to the effect that the Corporation shall not be obligated to pay the obligation or interest on the obligation except from revenues or assets pledged therefor and that neither the faith and credit nor the taking power of the State or any political subdivision of the State other than the Corporation is pledged to the payment of the principal of or the interest on the obligation.870 R.I. Code R. 870-RICR-30-00-6.18
Amended effective 12/19/2018