§ 42-55-16. Sale of refunding obligations.
Refunding obligations issued as provided in § 42-55-15 may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds may be applied, in addition to any other authorized purposes, to the purchase, redemption, or payment of outstanding obligations. Pending the application of the proceeds of any refunding obligations, with any other available funds, to the payment of the principal, accrued interest, and any redemption premium on the obligations being refunded, and, if provided or permitted in the resolution authorizing the issuance of refunding obligations or in the trust agreement securing the refunding obligations, to the payment of any interest on the refunding obligations and any expenses in connection with the refunding, the proceeds may be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by the United States which shall mature or which shall be subject to redemption by their holders, at the option of those holders, not later than the dates when the proceeds, together with the interest accruing on the proceeds, will be required for the purposes intended.
History of Section.P.L. 1973, ch. 262, § 1.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation
Section 42-55-1. - Short title.
Section 42-55-2. - Legislative findings.
Section 42-55-3. - Definitions.
Section 42-55-4. - Creation of corporation — Composition — Personnel — Compensation.
Section 42-55-5. - General powers.
Section 42-55-5.1. - Subsidiary corporations.
Section 42-55-5.2. - Consistency with plans.
Section 42-55-5.3. - Letters of eligibility.
Section 42-55-5.4. - Renewable energy in housing developments.
Section 42-55-6. - Powers relative to making loans.
Section 42-55-7.1. - Powers relative to acquisition and operation of housing projects.
Section 42-55-8. - Supervision of housing sponsors and health care sponsors.
Section 42-55-9. - Terms and conditions of loans.
Section 42-55-11. - Admission and income limitations relative to housing developments.
Section 42-55-13. - Bonds and notes.
Section 42-55-14. - Reserve funds and appropriations.
Section 42-55-15. - Issuance of refunding obligations.
Section 42-55-16. - Sale of refunding obligations.
Section 42-55-17. - Remedies of bondholders and note holders.
Section 42-55-18. - Pledge of the state.
Section 42-55-19. - Credit of state not pledged.
Section 42-55-20. - Notes and bonds as legal investments.
Section 42-55-22. - Annual reports.
Section 42-55-22.1. - Mortgage disclosure reports.
Section 42-55-22.2. - Fair housing policy reports.
Section 42-55-22.3. - Emergency housing assistance.
Section 42-55-23. - Authorization to accept appropriated moneys.
Section 42-55-24. - Tax exemption.
Section 42-55-24.1. - Allocation of tax credits.
Section 42-55-26. - Qualified mortgage bonds.
Section 42-55-27. - Lead paint removal revolving fund.
Section 42-55-28. - Inconsistent provisions in other laws superseded.