§ 35-8.1-8.6 - Transfer to governmental body. - Rhode Island Statutes

SECTION 35-8.1-8.6

   § 35-8.1-8.6  Transfer to governmentalbody. – When all bonds issued under the provisions of the chapter for each specificproject and the interest thereon shall have been paid or a sufficient amountfor the payment of all the bonds and the interest thereon to the maturitythereof shall have been set aside in trust for the benefit of the bondholders,that specific project financed under the provisions of this chapter may betransferred to the governmental body leasing the project on such terms andconditions and for such consideration as the authority shall determine. If theauthority shall be dissolved all funds of the authority not required for thepayment of bonds shall be paid to the general treasurer for the use of thestate and all property belonging to the authority shall be vested in the stateand delivered to it.