§ 37-22-10 - Material default – Remedies – Public-private initiatives. - Rhode Island Statutes

SECTION 37-22-10

   § 37-22-10  Material default –Remedies – Public-private initiatives. – (a) Except upon agreement of the private entity and any other parties to thecomprehensive agreement, providing for public-private initiatives, the boardshall not exercise any of the remedies provided in this section, unless theProvidence county superior court, after notice to the private entity and thesecured parties (as may appear in the private entity's records) and anopportunity for hearing, shall first issue a declaratory judgment that amaterial default, as defined in § 37-22-4, has occurred and is continuing.

   (b) Upon entry by the superior court of a declaratoryjudgment order pursuant to subsection (a) above, unless this order is stayedpending appeal to the Rhode Island supreme court, the board may exercise any orall of the following remedies:

   (1) The board may solicit other private entities to take overa qualifying project and in this case it shall succeed to all of the right,title and interest in this project, subject to the secured interests of anyperson providing financing for it in accordance with the comprehensiveagreement.

   (2) The board may terminate the comprehensive agreement andexercise any other rights and remedies which may be available to it at law orin equity.

   (3) The board may make or cause to be made any appropriateclaims under the performance and/or payment bonds required by §37-22-7(a)(6).