§ 45-37.1-15. Agreement of the state.
The state of Rhode Island does hereby pledge to and agree with the holders of any bonds or notes issued under this chapter, and with those parties who may enter into contracts with the corporation pursuant to the provisions of this chapter, that the state will not limit or alter the rights hereby vested in the corporation until the obligations, together with their interest, are fully met and discharged and the contracts are fully performed on the part of the corporation;, that nothing contained in this chapter precludes the limitation or alteration if and when adequate provisions are made by law for the protection of the holders of the bonds or notes of the corporation or those entering into contracts with the corporation. The corporation is authorized to include this pledge and undertaking for the state in bonds, notes, or contracts.
History of Section.P.L. 1967, ch. 11, § 1; P.L. 1980, ch. 229, § 10.
Structure Rhode Island General Laws
Chapter 45-37.1 - Industrial Facilities Corporation
Section 45-37.1-1. - Declaration of policy.
Section 45-37.1-2. - Title of chapter.
Section 45-37.1-3. - Definitions.
Section 45-37.1-5. - General grant of powers.
Section 45-37.1-6. - Bonds and notes of the corporation.
Section 45-37.1-7. - Security for bonds and notes — Construction and acquisition of projects.
Section 45-37.1-8. - Trust funds.
Section 45-37.1-9. - Exemption from taxation.
Section 45-37.1-9.1. - Procedure.
Section 45-37.1-10. - Bonds and notes eligible for investment.
Section 45-37.1-11. - Annual report and audit.
Section 45-37.1-12. - State not liable — Exceptions.
Section 45-37.1-13. - Procedure before undertaking project.
Section 45-37.1-14. - No authority to operate as a business.
Section 45-37.1-15. - Agreement of the state.
Section 45-37.1-16. - Corporation designated as local development corporation.
Section 45-37.1-17. - Chapter cumulative — No notice required.