The state pledges to and agrees with any person, firm, or corporation, or federal agency subscribing to or acquiring the bonds to be issued by the authority that the state will not limit or alter the rights vested in the authority until all bonds at any time issued, together with the interest thereon, are fully met and discharged. The state further pledges to and agrees with the United States and any other federal agency that, in the event that any federal agency shall contribute any funds to the authority, the state will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the due performance of any agreements between the authority and the federal agency and the authority shall continue to have and may exercise all powers granted in this chapter, so long as these powers shall be necessary or desirable for the carrying out of the purpose of this chapter.
R.I. Gen. Laws § 35-8.1-23
State’s pledge not to limit or alter authority’s powers
Known as the Rhode Island Refunding Bond Authority Act
The act spans §§ 35-8.1-1–35-8.1-9 (35 sections).
P.L. 1987, ch. 12, § 1.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.