§ 42-64-16 - Short-term notes.
SECTION 42-64-16
§ 42-64-16 Short-term notes. – Money borrowed by the Rhode Island economic development corporation for thepurpose of providing temporary financing of a project or projects orcombination of projects pending the issuance of bonds or other notes, shall beevidenced by notes or other obligations. The principal and interest of allnotes or other obligations of the corporation issued under the provisions ofthis section shall be payable no later than the fourth anniversary of the dateof their issue, and shall be payable from the following: (1) from the proceedsof bonds subsequently issued; or (2) from the proceeds of subsequent borrowingswhich comply with the provisions hereof; or (3) from general revenues of thecorporation which may be equal and proportionate with, but not superior to,that securing bonds then outstanding or subsequently issued. Notwithstandingany other provisions of this chapter, all these notes shall be deemed to benegotiable instruments under the laws of the state of Rhode Island subject onlyto the provisions for registration contained in those laws. The notes or otherobligations or any issue of these shall be in a form and contain any otherprovisions as the corporation may determine and the notes or resolutions orproceedings authorizing the notes or other obligations or any issue of thesemay contain, in addition to any provisions, conditions, covenants, orlimitations authorized by this chapter, any provisions, conditions, covenants,or limitations which the corporation is authorized to include in any resolutionor resolutions authorizing bonds or notes or in any trust indenture relating tobonds or notes. The corporation may issue the notes or other obligations in anymanner either publicly or privately on any terms as it may determine to be inits best interests. These notes or other obligations may be issued under theprovisions of this chapter without obtaining the consent of any department,division, commission, board, body, or agency of the state, without any otherproceedings or the happening of any conditions or things other than thoseproceedings, conditions, or things which are specifically required by thischapter and by the provisions and resolutions authorizing the issuance of thenotes or obligations.