§ 45-12-26. Commercial agreements relating to registered bonds and notes.
In connection with the issuance by a city, town, or other political subdivision of this state of original or replacement bonds or notes in registered form, the treasurer of the city, town, or other political subdivision, with the approval of any other officers authorized to sign those bonds or notes, is authorized to contract for and engage the services of any bank, trust company, or other banking or financial institution within or without the state to perform authentication, registration, transfer, exchange, record, and paying agent functions, and for the preparation, signing, and issuance of checks in payment of those bonds or notes, the preparation and maintenance of reports and accounts and the performance of related duties. The treasurer, with this approval, may also enter into agreements with custodian banks, trust companies, or other financial institutions and financial intermediaries and nominees of any of them in connection with the establishment and maintenance by others of a central depository system for the transfer or pledge of those bonds and notes. The agreements may provide for limitation of liabilities of the parties, indemnification, or payment of liquidated damages, and shall include those provisions that the treasurer may deem necessary or desirable to protect the city, town, or other political subdivision, including provisions indemnifying it for losses sustained by it as the result of negligence of the other party or parties or any breach of the duties imposed upon them under the agreement.
History of Section.P.L. 1983, ch. 103, § 1; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.
Structure Rhode Island General Laws
Chapter 45-12 - Indebtedness of Towns and Cities
Section 45-12-1. - Payment of indebtedness.
Section 45-12-2. - Maximum aggregate indebtedness.
Section 45-12-2.1. - Ministerial approval.
Section 45-12-3. - Statements to accompany bills to general assembly to authorize indebtedness.
Section 45-12-4. - Borrowing in anticipation of taxes.
Section 45-12-4.1. - Borrowing where collection of taxes delayed or taxes refunded.
Section 45-12-4.2. - Borrowing in anticipation of federal or state grants.
Section 45-12-4.3. - Borrowing in anticipation of water and sewer tax and user charge revenue.
Section 45-12-4.4. - Borrowing in payment of certain judgments.
Section 45-12-4.5. - Relationship to charters.
Section 45-12-5. - Sale of evidences of indebtedness — Annual payments — Terms.
Section 45-12-5.1. - Callable bonds.
Section 45-12-5.2. - Issuance of refunding bonds to pay outstanding bonds.
Section 45-12-5.5. - Repealed.
Section 45-12-6. - Statutory bond authorizations construed as additional authority.
Section 45-12-7. - Sinking fund provisions construed as additions to general sinking fund.
Section 45-12-8. - Establishment of general sinking fund — Computation of payments to sinking fund.
Section 45-12-9. - Retirement of bonds in sinking fund.
Section 45-12-11. - Authority for issuance of indebtedness excess.
Section 45-12-12. - City and town boards to authorize duplicate bonds.
Section 45-12-13. - Repair or replacement of damaged bond or note.
Section 45-12-14. - Replacement of lost or destroyed bond or note — Bond to indemnify city or town.
Section 45-12-15. - Contractual debts unimpaired.
Section 45-12-16. - Interest rate.
Section 45-12-17. - Debt previously approved.
Section 45-12-18. - Bond anticipation notes.
Section 45-12-19. - Charter provisions as to referendum.
Section 45-12-20. - Issuance of bonds authorized by law approved by electors.
Section 45-12-21. - Powers of financial town meeting not affected.
Section 45-12-22.1. - Municipal deficits — Purpose.
Section 45-12-22.2. - Monitoring of financial operations — Corrective action.
Section 45-12-22.3. - Year-end deficits.
Section 45-12-22.5. - Unbudgeted expenditures.
Section 45-12-22.6. - Cooperation of school committees.
Section 45-12-22.7. - Enforcement and remedies.
Section 45-12-23. - Tax exemption.
Section 45-12-25. - Sale of bonds or notes at a discount.
Section 45-12-26. - Commercial agreements relating to registered bonds and notes.
Section 45-12-27. - Conflict between bond referendum provisions and bond expenditure provisions.
Section 45-12-28. - Permitted temporary investments for bond proceeds.
Section 45-12-30. - Securing of bonds or notes — Trust agreements.
Section 45-12-31. - Extinguishment of authorizations.
Section 45-12-33. - Borrowing for road and bridge, infrastructure, and school building projects.