R.I. Gen. Laws § 16-32-42

The board of trustees is authorized to take all actions, and execute and deliver all agreements or instruments, necessary or convenient for the board to assume all of the obligations on behalf of, and in replacement of, or jointly with the council on postsecondary education under outstanding bonds issued by the Rhode Island health and educational building corporation or outstanding lease certificates of participation, in either case, issued for the benefit of the university of Rhode Island, the community college of Rhode Island, and/or Rhode Island college as may be necessary to ensure, among other items, that the university continues to meet its obligations under such bonds or certificates.