§ 23-19-16. Security for bonds or notes.
(a) The principal of and interest on any bonds or notes issued by the corporation may be secured by a pledge of any revenues and receipts of the corporation, and may be secured by a mortgage or other instrument covering all or any part of one or more projects, including all or part of any additions, improvements, extensions to, or enlargements of the projects thereafter made.
(b) Bonds or notes issued for the acquisition, construction, reconstruction, rehabilitation, development, or improvement of one or more projects may also be secured by an assignment of leases of, or mortgages on, or contracts of sale or other contracts or loan agreements with regard to the project or projects, and by an assignment of the revenues, receipts, payments, or repayments derived by the corporation from the leases, mortgages, sales agreements, contracts, or loan agreements.
(c) The resolution under which the bonds or notes are authorized to be issued and any mortgage, lease, sales agreement, contract, or loan agreement, or other instrument may contain agreements and provisions respecting the maintenance of the covered projects, the fixing and collection of rents, payments, or repayments or other revenues, including moneys received in repayment of loans, and interest, the creation and maintenance of special funds from rents or other revenues, and the rights and remedies available in the event of default, all as the corporation shall deem advisable.
(d) Each pledge, agreement, mortgage, contract, or other instrument made for the benefits or security of any of the bonds or notes of the corporation shall continue in effect until the principal of and interest on the bonds or notes for the benefit of which the instrument was made shall have been fully paid, or until provision shall have been made for the payment in the manner provided in the resolutions under which the bonds or notes were authorized.
(e) The corporation may provide in any proceedings under which the bonds or notes may be authorized that any project or part of any project may be constructed, reconstructed, rehabilitated, or improved by the corporation or any lessee, vendee, obligor, or any designee of the corporation, and may also provide in the proceedings for the time and manner of and requisitions for disbursements to be made for the cost of the construction, and for all certificates and approvals of construction and disbursements that the corporation shall deem necessary and provide for in the proceedings.
(f) Any resolution under which bonds or notes of the corporation are authorized to be issued (and any trust indenture established thereby) may contain provisions for vesting in a trustee or trustees properties, rights, powers, and duties in trust that the corporation may determine, including any or all of the rights, powers, and duties of the trustee appointed by the holders of any issue of bonds or notes pursuant to § 23-19-19, in which event the provisions of § 23-19-19 authorizing the appointment of a trustee by the holders of bonds or notes shall not apply.
(g) Any pledge made by the corporation shall be valid and binding from the time it is made. The money or property pledged and thereafter received by the corporation shall immediately be subject to the lien of the pledge without physical delivery or further act. The lien of the pledge shall be valid and binding against all parties having a claim in tort, contract, or otherwise against the corporation, irrespective of whether the parties have notice of the claim. Neither the resolution nor any instrument by which a pledge is created need be recorded.
History of Section.P.L. 1978, ch. 305, § 13; G.L. 1956, § 23-46.1-16; P.L. 1979, ch. 39, § 1; G.L. 1956, § 23-19-16; P.L. 1982, ch. 262, § 4.
Structure Rhode Island General Laws
Chapter 23-19 - Rhode Island Resource Recovery Corporation
Section 23-19-1. - Short title.
Section 23-19-1.1. - Mission statement.
Section 23-19-2. - Legislative findings.
Section 23-19-3. - Declaration of policy.
Section 23-19-4. - Legislative purposes of Rhode Island Resource Recovery Corporation.
Section 23-19-5. - Definitions.
Section 23-19-7. - Commissioners — Oath of office — Conflict of interest.
Section 23-19-8. - Employment of executive director and support services — Books and records.
Section 23-19-9. - Purposes of the corporation.
Section 23-19-10. - General powers and duties.
Section 23-19-10.1. - Construction of gas pipelines.
Section 23-19-10.2. - Solid waste disposal facilities — Sites — Eminent domain.
Section 23-19-10.3. - Highway construction — Eminent domain.
Section 23-19-11. - Planning requirements.
Section 23-19-11.1. - Initial resource recovery system development plan.
Section 23-19-11.2. - Improvements of the central landfill.
Section 23-19-11.3. - Central landfill — Water quality and public health.
Section 23-19-11.4. - Initial resource recovery facilities.
Section 23-19-13. - Municipal participation in state program.
Section 23-19-13.2. - Disposal of infectious and pathological waste.
Section 23-19-13.3. - Prohibiting business due to conviction of certain acts.
Section 23-19-13.5. - Interim rates.
Section 23-19-13.6. - Cover materials not permitted.
Section 23-19-14. - Bonds and notes of the corporation.
Section 23-19-15. - Short term notes.
Section 23-19-16. - Security for bonds or notes.
Section 23-19-17. - Capital reserve funds and appropriations.
Section 23-19-18. - Trust funds.
Section 23-19-19. - Remedies of bondholders and noteholders.
Section 23-19-20. - Pledge of the state.
Section 23-19-21. - Credit of state not pledged.
Section 23-19-22. - Notes and bonds as legal investments.
Section 23-19-24. - Reporting requirements.
Section 23-19-24.1. - Solid waste diversion — Economic impact and strategies reporting.
Section 23-19-25. - Authorization to accept appropriated moneys.
Section 23-19-26. - Tax exemption.
Section 23-19-27. - Severability.
Section 23-19-28. - Violations — Sanctions — Injunctive relief.
Section 23-19-28.1. - Procedures to enforcement.
Section 23-19-29. - Liberal construction.
Section 23-19-30. - State central landfill — Annual liquid waste or sludge analysis.
Section 23-19-31. - Recycling facility at central landfill.
Section 23-19-32. - Grants-in-aid.
Section 23-19-33. - Bonus incentive program.
Section 23-19-34. - Central landfill buffer zone.
Section 23-19-34.1. - Removal of houses — Buffer zone.
Section 23-19-35. - Central landfill — Adjoining residential property.
Section 23-19-35.1. - Use of acquired property.
Section 23-19-36. - Central landfill — Funds for acquisition.
Section 23-19-37. - Financial accountability.
Section 23-19-38. - Report of the auditor general.
Section 23-19-40. - Utilization of buffer zone — Restrictions.