§ 45-38.1-27. Development of Narragansett Brewery site.
(a) Notwithstanding any provision of this chapter or any general law or special law to the contrary, it is a corporate purpose of the corporation to finance the development of the site of the former Narragansett Brewery in the city of Cranston as a multi-purpose facility to be used as a center for economic development, biotechnology research, education, health care, governmental, and other similar uses. For purposes of this section the definition of the word “project” as provided in § 45-38.1-3 includes structures and facilities suitable for use by institutions for higher education, health care facilities, governmental entities, and private non-profit users, including, but not limited to, uses as administration buildings, offices, libraries, laboratories, research facilities, classrooms, athletic facilities, maintenance, storage or utility facilities, and other structures or facilities related to the project or required or useful for the operation of the project, including parking and other facilities or structure essential or convenient for the orderly operation of the project, and also includes equipment and machinery and other similar items necessary or convenient for the operation of the project and the manner for which its use is intended.
(b) For purposes of this section and for purposes of the development of the project, wherever the terms “participating institution for higher education”, “participating hospital”, or “participating health care provider” appear in this chapter, those terms mean and include the board of governors for higher education of the state or any one or more public bodies, natural persons, firms, associations, corporations and business trusts designated by the board of governors. Bonds issued for the project are not subject to the requirements of § 45-38.1-20 and shall not exceed twenty-five million dollars ($25,000,000). Repayment of the bonds is limited to revenue and income generated by the project.
History of Section.P.L. 1994, ch. 294, § 1.
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.