§ 45-33-5 - Power to issue bonds – Revenue and mortgage bonds.
SECTION 45-33-5
§ 45-33-5 Power to issue bonds –Revenue and mortgage bonds. – An agency has power to issue bonds from time to time in its discretion, for anyof its corporate purposes. The term "bonds" means and includes the notes,bonds, and other evidences of indebtedness which an agency is authorized toissue pursuant to chapters 31 – 33 of this title. An agency also has powerto issue refunding bonds for the purpose of paying or retiring bonds previouslyissued by it. An agency may issue those types of bonds as it may determine,including bonds on which the principal and interest are payable:
(1) Exclusively from the income and revenues of thedevelopment project or projects financed with the proceeds of those bonds, orwith the proceeds together with financial assistance from the city, state, orfederal governments in aid of the projects;
(2) Exclusively from the income and revenues of certaindesignated redevelopment projects whether or not they were financed in whole orin part with the proceeds of the bonds;
(3) From its revenues generally;
(4) From any contributions or other financial assistance fromthe city, state, or federal governments; or
(5) By any combination of these methods. Any of the bonds maybe additionally secured by a pledge of any revenues or by an encumbrance(whether by mortgage, deed of trust, or otherwise) of any redevelopmentproject, projects, or other property of the agency.