R.I. Gen. Laws § 45-37.1-13

Current through 2024 Public Law 457

Section 45-37.1-13 - Procedure before undertaking project

Notwithstanding any other provision of this chapter, the corporation is not empowered to undertake any project authorized by this chapter unless, prior to the issuance of any bonds under this chapter, it finds that:

(1) The acquisition and construction of the project will eliminate or prevent unemployment, either in whole or in part, in the area in which the project is located; and

(2) The project is consistent with the definition of "project" as defined in § 45-37.1-3; and

(3) The project will be leased to, or owned by, a financially responsible person, partnership, corporation, or concern; and

(4) Adequate provision has been, or will be, made for the payment of the cost of the acquisition and construction of the project and that, except in connection with obligations secured by mortgages insured by the Rhode Island industrial recreational building authority, under no circumstances, will the state or any municipality or political subdivision of the state be obligated, directly or indirectly, for the payment of the principal of, or interest on, any obligation issued to finance the construction; and

(5) Adequate provision has been, or will be, made in each lease or other financing agreement relating to the project for the payment of all costs of operation, maintenance, and upkeep of the project by the lessee, sublessee, or occupant, so that, except in connection with obligations secured by mortgages which are insured by the Rhode Island industrial recreational building authority, under no circumstances will the state or municipality be obligated, directly or indirectly, for the payment of those costs; and

(6) The acquisition and construction, proposed financing, operation, and use of the project will aid in the development, growth, and prosperity of the state or (if the project consists of other than railroad rolling stock) of the municipality in which the project is located, and with respect to projects for air and water pollution control or projects for solid waste disposal, that the projects will protect the natural resources of the state and the health and welfare of its citizens; provided, that with respect to projects for air and water pollution control or projects for solid waste disposal, the corporation is not required to make the findings specified in subdivisions (1) and (2).

R.I. Gen. Laws § 45-37.1-13

P.L. 1967, ch. 11, § 1; P.L. 1971, ch. 255, § 4; P.L. 1973, ch. 195, § 3; P.L. 1980, ch., 229, § 9; P.L. 1981, ch. 419, § 5; P.L. 1988, ch. 636, § 1.