§ 39-16-22 - Notes. - Rhode Island Statutes

SECTION 39-16-22

   § 39-16-22  Notes. – The authority may, by resolution, authorize the issue from time to time ofinterest bearing or discounted notes in anticipation of the issue of bonds.Temporary notes issued under this section shall be signed by the chairpersonand the treasurer of the authority and shall be payable within five (5) yearsof their respective dates, but the principal of and interest on notes issuedfor a shorter period may be renewed or paid from time to time by the issue ofother notes under this section, provided the period from the date of theoriginal note to the maturity of any note issued to renew or pay the same debtor the interest thereon shall not exceed five (5) years. All other terms andconditions of the notes shall be set by the authority in the resolutionauthorizing issuance.