§ 42-64.1-5 - Economic development assistance fund.
SECTION 42-64.1-5
§ 42-64.1-5 Economic developmentassistance fund. – (a) The proceeds of the bonds described in part I of P.L. 1979, Chapter 157shall be deposited by the Rhode Island economic development corporation in aspecial account to be designated "Rhode Island economic development assistancefund of 1979" (the "bond fund") to be used from time to time to pay the costsof acquiring land and facilities thereon and carrying out economic developmentproject plans for the development of those sites for sale or lease to, and useby private industry or business, or to discharge any indebtedness incurred bythe Rhode Island economic development corporation in connection with any of theforegoing activities.
(b) Payments received by the Rhode Island economicdevelopment corporation as lease rentals or the purchase price of the land andimprovements shall be deposited in the bond fund and used by the Rhode Islandeconomic development corporation from time to time, on a revolving basis to paythe expenses of the lease or sale of the land and improvements, to acquireadditional land and improvements, to be developed for sale or lease in the samemanner and to the same extent as described above, or to discharge indebtednessincurred by the Rhode Island economic development corporation in connectionwith the acquisition of land and improvements for development for sale or leasein accordance with the provisions hereof.
(c) All moneys in the bond fund, whether proceeds from thesale of bonds or notes described in part I of P.L. 1979, Chapter 157, orrevenues, receipts, or income from the sale or lease of projects, or investmentincome shall be trust funds to be used and applied solely as provided in thischapter, the Rhode Island Economic Development Corporation Act, chapter 64 ofthis title, and in the proceedings of the Rhode Island economic developmentcorporation taken pursuant thereto, and shall not be pledged, assigned,hypothecated, or otherwise encumbered for any other purpose whatsoever.
(d) Upon determination by the Rhode Island economicdevelopment corporation that the continued operation of the bond fund is nolonger feasible, or upon termination of the existence of the Rhode Islandeconomic development corporation, all moneys in the bond fund and rightsrelating thereto, and all properties acquired with the proceeds, shall pass toand be vested in the state.
(e) In connection therewith, the operation of the bond fund,including the investment and reinvestment of moneys therein, the disposition ofmoneys for carrying out economic development projects, and the sale or lease ofland and improvements to industrial and business users, shall be governed bythe proceedings of the Rhode Island economic development corporation pursuantto the provisions of the Rhode Island Economic Development Corporation Act,chapter 64 of this title. In this regard powers granted to the Rhode Islandeconomic development corporation by this chapter shall be regarded assupplemental and in addition to the powers conferred by other laws, including,but not limited to, the Rhode Island Economic Development Corporation Act,chapter 64 of this title.