§ 45-38.1-15. Revenue refunding bonds.
(a) The corporation is authorized to provide for the issuance of its revenue bonds for the purpose of refunding any revenue bonds of the corporation then outstanding and any bonds or other obligations issued by or for the benefit of a participating educational institution for any school housing project, including the payment of any redemption premium on them and any interest accrued or to accrue to the earliest or subsequent date of redemption, purchase, or maturity of the revenue bonds, and, if deemed advisable by the corporation, for the additional purpose of paying all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project, or any portion of it, or for making additional corporation loans.
(b) The proceeds of revenue bonds issued for the purpose of refunding outstanding revenue bonds may, in the discretion of the corporation, be applied to the purchase or retirement at maturity or redemption of the outstanding revenue bonds, either on their earliest or any subsequent redemption date, and may, pending the application, be placed in escrow to be applied to the purchase or retirement at maturity or redemption on a date that may be determined by the corporation.
(c) Any escrowed proceeds, pending use, may be invested and reinvested in obligations of or guaranteed by the United States of America, or in certificates of deposit or time deposits secured by obligations of or guaranteed by the United States of America, maturing at a time or times appropriate to assure the prompt payment, as to principal, interest, and redemption premium, if any, of the outstanding revenue bonds being refunded. The interest, income, and profits, if any, earned or realized on the investment may also be applied to the payment of the outstanding revenue bonds being refunded. After the terms of the escrow have been fully satisfied and carried out, any balance of the proceeds and interest, income, and profits, if any, earned or realized on the investments, may be returned to the corporation for use by it in any lawful manner.
(d) The portion of the proceeds of revenue bonds issued for the additional purpose of paying all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project may be invested and reinvested in obligations of or guaranteed by the United States of America, or in certificates of deposit or time deposits secured by obligations of or guaranteed by the United States of America, maturing not later than the time or times when the proceeds will be needed for the purpose of paying all or any part of the cost. The interest, income, and profits, if any, earned or realized on the investment, may be applied to the payment of all or any part of the cost or may be used by the corporation in any lawful manner.
(e) All revenue bonds shall be issued and secured and shall be subject to the provisions of this chapter in the same manner and in the same extent as any other revenue bonds issued pursuant to this chapter.
History of Section.P.L. 1967, ch. 56, § 1; P.L. 1982, ch. 301, § 7; P.L. 2007, ch. 370, § 2.
Structure Rhode Island General Laws
Chapter 45-38.1 - Health and Educational Building Corporation
Section 45-38.1-1. - Declaration of policy.
Section 45-38.1-2. - Title of chapter.
Section 45-38.1-3. - Definitions.
Section 45-38.1-4. - Corporation established.
Section 45-38.1-5. - General grant of powers.
Section 45-38.1-5.1. - Powers relative to education loan financing programs.
Section 45-38.1-5.2. - Acquisition of certain monies, endowments, properties, and guarantees.
Section 45-38.1-5.3. - Conveyance of loan funding deposit after payment of bonds.
Section 45-38.1-6. - Acquisition of property.
Section 45-38.1-7. - Title to project.
Section 45-38.1-8. - Notes of the corporation.
Section 45-38.1-9. - Bonds of the corporation.
Section 45-38.1-10. - Trust agreement.
Section 45-38.1-11. - Revenues.
Section 45-38.1-12. - Trust funds.
Section 45-38.1-13. - Remedies.
Section 45-38.1-14. - Exemption from taxation.
Section 45-38.1-15. - Revenue refunding bonds.
Section 45-38.1-16. - Bonds eligible for investment.
Section 45-38.1-17. - Annual report and audit.
Section 45-38.1-18. - Source of payment of expenses.
Section 45-38.1-19. - State not liable.
Section 45-38.1-20. - Procedure before issuance of bonds or notes.
Section 45-38.1-21. - Agreement of the state.
Section 45-38.1-22. - Chapter cumulative — No notice required.
Section 45-38.1-23. - Chapter liberally construed.
Section 45-38.1-24. - Severability.
Section 45-38.1-25. - Institution for higher education powers.
Section 45-38.1-26. - Transfer of fund balances.
Section 45-38.1-27. - Development of Narragansett Brewery site.