§ 45-33.2-29. Limitation of powers.
The state pledges to and agrees with any person, firm, or corporation, or federal agency subscribing to or acquiring the bonds to be issued under this chapter, that the state will not limit or alter the rights vested in the authority until all bonds at any time issued, together with their interest, are fully met and discharged. The state does further pledge to and agree with the United States, and any other federal agency, that in the event that any federal agency constructs or contributes any funds for the construction, extension, improvement, equipping, furnishing, or enlargement of any project, or any portion of it, the state will not alter or limit this chapter in any manner that would be inconsistent with the due performance of any agreements with the federal agency; and cities and towns continue to have and may exercise all powers granted by this chapter, so long as the powers are necessary or desirable for the carrying out of the purposes of this chapter.
History of Section.P.L. 2018, ch. 156, § 4; P.L. 2018, ch. 292, § 4.
Structure Rhode Island General Laws
Chapter 45-33.2 - Municipal Tax Increment Financing Act
Section 45-33.2-1. - Short title.
Section 45-33.2-2. - Legislative findings.
Section 45-33.2-3. - Definitions.
Section 45-33.2-3.1. - Additional definitions.
Section 45-33.2-4. - Adoption of project plan.
Section 45-33.2-5. - Authorization to undertake projects — Powers.
Section 45-33.2-6. - Issuance of special obligation bonds.
Section 45-33.2-7. - Security for bonds — Trust agreements.
Section 45-33.2-8. - Pledge of project revenues validated.
Section 45-33.2-9. - Temporary anticipation notes.
Section 45-33.2-10. - Refunding bonds.
Section 45-33.2-11. - Credit of municipality not pledged.
Section 45-33.2-12. - Investment of funds.
Section 45-33.2-13. - Trust funds.
Section 45-33.2-14. - Remedies of bondholders and noteholders.
Section 45-33.2-15. - Bonds and notes as legal instruments.
Section 45-33.2-16. - Bonds and notes as investment securities.
Section 45-33.2-17. - Exemption from taxation.
Section 45-33.2-18. - Annual report.
Section 45-33.2-19. - Provisions supplementary.
Section 45-33.2-20. - Severability.
Section 45-33.2-21. - Tax limitations.
Section 45-33.2-22. - Alternate tax increment provisions.
Section 45-33.2-24. - Reserved.
Section 45-33.2-25. - Planning commission advisory opinion — Conditions for tax increment district.
Section 45-33.2-26. - Adoption of tax increment district master plan.
Section 45-33.2-27. - Designation of tax increment revenues.