§ 24-12-19. Use of bond proceeds — Supplementary issues — Surplus proceeds.
The proceeds of the bonds of each issue shall be used solely for the payment of the cost of the project or projects for which the bonds shall have been issued, and shall be disbursed in the manner and under the restrictions, if any, as the authority may provide in the resolution authorizing the issuance of the bonds or in the trust agreement hereinafter mentioned securing the bonds; provided, however, that the amount of the proceeds of the revenue bonds of the first series as may be determined by the authority prior to the issuance of the bonds may be applied to the payment of engineering, financing, and legal services in connection with the financing and the construction of the Newport Bridge or the turnpike or both. If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than the cost, additional bonds may in like manner be issued to provide the amount of the deficit, and, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference of priority of the bonds first issued. If the proceeds of the bonds of any issue shall exceed the cost, the surplus shall be deposited to the credit of the sinking fund for the bonds or, if so authorized by the authority, may be applied to the payment of the cost of any project thereafter financed under the provisions of this chapter.
History of Section.P.L. 1954, ch. 3390, § 7; G.L. 1956; § 24-12-19; P.L. 1960, ch. 219, §§ 1, 12.
Structure Rhode Island General Laws
Chapter 24-12 - Rhode Island Turnpike and Bridge Authority
Section 24-12-1. - Definitions.
Section 24-12-2. - Authority created — Composition.
Section 24-12-3. - Appointment of authority members — Oath of office.
Section 24-12-4. - Officers of authority — Quorum — Reimbursement of expenses of members.
Section 24-12-6. - Grants or leases of state or municipal lands.
Section 24-12-7. - Revenue bonds not a debt of the state.
Section 24-12-8. - Expenses limited to funds provided.
Section 24-12-9. - Powers of authority.
Section 24-12-10. - Eminent domain power.
Section 24-12-11. - Filing of eminent domain resolution, plat, and statement of amount offered.
Section 24-12-12. - Taking of possession of lands.
Section 24-12-13. - Deposits in court on eminent domain — Notice to owners — Agreement as to price.
Section 24-12-14. - Jury trial on price of land.
Section 24-12-15. - Representation of incompetent landowners.
Section 24-12-16. - Repayment of excess deposits.
Section 24-12-17. - Expediting proceedings — Land devoted to public use — Outstanding interests.
Section 24-12-19. - Use of bond proceeds — Supplementary issues — Surplus proceeds.
Section 24-12-22. - Purchase of Jamestown-Newport ferry franchise.
Section 24-12-23. - Maintenance of Jamestown-Newport ferry service.
Section 24-12-24. - Pension fund for ferry company employees.
Section 24-12-25. - Trust agreement.
Section 24-12-26. - Power to collect tolls and charges — Gasoline and service concessions.
Section 24-12-27. - Amount of tolls.
Section 24-12-28. - Revenues pledged to sinking fund.
Section 24-12-29. - Trust funds — Trustee.
Section 24-12-30. - Remedies of bondholders.
Section 24-12-31. - Tax exemption.
Section 24-12-32. - Eligibility of bonds for investment.
Section 24-12-33. - Negotiability of bonds.
Section 24-12-34. - Refunding bonds.
Section 24-12-35. - Resolutions of authority.
Section 24-12-36. - Annual report and audit.
Section 24-12-37. - Penalty for nonpayment of toll — Toll violators and toll evaders.
Section 24-12-37.1. - [Repealed.]
Section 24-12-37.2. - Driver/registered owner liability.
Section 24-12-38. - Covenant against competition.
Section 24-12-39. - Transfer of projects to state — Dissolution of authority.
Section 24-12-40B. - Certain bonds guaranteed by state.
Section 24-12-40C. - Additional state guaranteed and revenue bonds for Newport Bridge.
Section 24-12-40D. - Additional state guaranteed bonds for Newport Bridge.
Section 24-12-40E. - State guaranteed bonds — General provision.
Section 24-12-41. - Severability.
Section 24-12-42. - Narragansett Bay Bridge authority obligations.
Section 24-12-44. - Construction of connecting highways.
Section 24-12-44A, 24-12-44B. - Repealed.
Section 24-12-45. - Liberal construction.
Section 24-12-46. - Severability.
Section 24-12-47. - Inconsistent laws inapplicable.
Section 24-12-48. - Provision for severance benefits.
Section 24-12-49. - Declaration of policy — Preventing economic harm to the town of Jamestown.
Section 24-12-50. - Relationship to department of transportation.
Section 24-12-51. - The Jamestown Verrazzano Bridge.
Section 24-12-51.1. - Former Jamestown Verrazano Bridge — Public fishing area.
Section 24-12-52. - Succotash Road Bridge.
Section 24-12-53. - William E. Powers Memorial Bridge.
Section 24-12-54. - Alfred U. Menard Memorial Bridge.
Section 24-12-55. - The Claiborne Pell Bridge.
Section 24-12-56. - Honorable John F. Conley Bridge.
Section 24-12-57. - General George S. Greene Memorial Bridge.
Section 24-12-58. - Robert E. Rowan, P.E. Bridge.
Section 24-12-59. - Bondholders’ rights not to be affected by the state.