§ 35-8.1-2 - Legislative findings. - Rhode Island Statutes

SECTION 35-8.1-2

   § 35-8.1-2  Legislative findings. –The general assembly hereby finds, declares, and observes that the:

   (1) State issued its general obligation bonds dated May 1,1984, in the aggregate principal amount of thirty million dollars ($30,000,000)pursuant to statutory authorities approved by the electorate of the state, andthe state issued its general obligation bonds dated June 28, 1985, in theaggregate principal amount of ninety million dollars ($90,000,000) pursuant tostatutory authorities approved by the electorate of the state;

   (2) 1984 and 1985 bonds bear interest at a rate in excess ofcurrent interest rates and the general assembly has determined that it would bein the best interests of the people of the state to obtain funds to pay,redeem, or retire the 1984 and 1985 bonds with bonds bearing a lower rate ofinterest;

   (3) Statutory authorities previously approved do not provideauthorization for the issuance of general obligation refunding bonds of thestate; and

   (4) General assembly desires to create an authority with thepower to issue bonds to provide funds to loan to the state so that the statecan pay, redeem, or retire the 1984 and 1985 bonds.

   (5) Furthermore, the general assembly desires to consolidatedebt issuing authorities and create administrative savings as a result of suchconsolidations. To accomplish this desire, on July 1, 1997, the publicbuilding authority shall be eliminated as an entity and its functions, powers,rights, duties and liabilities shall be transferred to the authority pursuantto the provisions of this chapter.