§ 45-54-10 - Revenue bonds.
SECTION 45-54-10
§ 45-54-10 Revenue bonds. – (a) The corporation is authorized to provide by resolution for the issuance, atone time or from time to time, of revenue bonds of the corporation for thepurpose of paying all or part of the cost of any one or more projects, theconstruction or acquisition of which is authorized by this chapter. Theprincipal of and the interest on the bonds are payable from the funds providedfor payment. The bonds of each issue shall be dated, bear interest at the rateor rates that the corporation determines, payable from time to time, shallmature at a time or times not exceeding fifty (50) years from their date ordates, as may be determined by the corporation, and may be redeemable beforematurity, at the option of the corporation, at the price or prices and underterms and conditions that may be fixed by the corporation prior to the issuanceof the bonds. The corporation shall determine the form of the bonds, includingany interest coupons to be attached to them, and shall fix the denomination ordenominations of the bonds and the place or places of payment of the principaland interest, which may be at any bank or trust company within or without thestate. The bonds shall be signed by the chairperson of the corporation, or afacsimile of the signature shall be impressed or imprinted on the bonds andattested by the manual or facsimile signature of the secretary of thecorporation, and any coupons attached to the bonds shall bear the facsimilesignature of the chairperson of the corporation. In case any officer whosesignature, or the facsimile of whose signature, appears on any bonds or couponsceases to be an officer before the delivery of the bonds, the signature or thefacsimile is nevertheless valid and sufficient for all purposes, the same as ifhe or she had remained in office until the delivery. The bonds may be issued incoupon or in registered form, or both, as the corporation may determine, andprovision may be made for the registration of any coupon bonds as to principalalone and, also, as to both principal and interest, for the reconversion intocoupon bonds of any bonds registered and coupon bonds. The corporation may sellbonds in a manner, either at public or private sale, and for a price, as it maydetermine will best effect the purpose of this chapter.
(b) The proceeds of the bonds of each issue shall be used forthe payment of the cost of the project or projects for which the bonds havebeen issued, and shall be disbursed in a manner and under restrictions, if any,that the corporation may provide in the resolution authorizing the issuance ofthe bonds or in the trust agreement securing the bonds. If the proceeds of thebonds of any issue, by error of estimates or otherwise, are less than the cost,additional bonds may in like manner be issued to provide the amount of thedeficit, and, unless otherwise provided in the resolution authorizing theissuance of the bonds or in the trust agreement securing the bonds, are deemedto be of the same issue and shall be entitled to payment from the same fundwithout preference of priority of the bonds first issued. If the proceeds ofthe bonds of any issue exceed the cost, the surplus shall be deposited to thecredit of the sinking fund for the bonds or may be applied to the payment ofthe cost of any project thereafter financed under the provisions of thischapter.
(c) Prior to the preparation of definitive bonds, thecorporation may, under like restrictions, issue interim receipts or temporarybonds, with or without coupons, exchangeable for definitive bonds whendefinitive bonds have been executed and are available for delivery. Thecorporation may also provide for the replacement of any bonds which becomemutilated or are destroyed or lost. Bonds may be issued under the provisions ofthis chapter without obtaining the consent of any department, division,commission, board, bureau, or agency of the state, and without any otherproceedings or the happening of any other conditions or things, other thanthose proceedings, conditions, or things which are specifically required bythis chapter.