R.I. Gen. Laws § 42-116-14
The corporation may issue refunding bonds for the purpose of paying any of its bonds issued pursuant to this chapter at or prior to maturity or upon acceleration or redemption or purchase and retirement. Refunding bonds may be issued at any times at or prior to the maturity, redemption, or purchase and retirement of the refunded bonds as the board of directors deems to be in the interest of the corporation. Refunding bonds may be issued in sufficient amounts to pay or provide for payment of the principal of the bonds being refunded, together with any redemption premium on these bonds, any interest or discount accrued or to accrue to the date of payment of these bonds, the costs of issuance of the refunding bonds, the expenses of paying, redeeming, or purchasing the bonds being refunded, the costs of holding and investing proceeds of refunding bonds pending the payment, redemption or purchase and the reserves for debt service or other expenses from the proceeds of these refunding bonds as may be required by a trust agreement securing the bonds. Pending application, the proceeds of the refunding bonds may be placed in escrow. The issue and sale of refunding bonds, the maturities and other details of the bonds, the security for the bonds, the rights of their holders, and the rights, duties, and obligations of the corporation in respect of the refunding bonds are governed by the provisions of this chapter relating to the issue of bonds other than refunding bonds insofar as that may be applicable.
R.I. Gen. Laws § 42-116-14