§ 42-133-11 - Bankruptcy. - Rhode Island Statutes

SECTION 42-133-11

   § 42-133-11  Bankruptcy. – Prior to the date which is one year and one day after the date on which thecorporation no longer has any bonds outstanding, the corporation has noauthority to file a voluntary petition under chapter 9 of the United StatesBankruptcy Code or such corresponding law as may, from time to time, be ineffect, and neither any public official nor any other organization, entity, orother person shall authorize the corporation to be or become a debtor under theUnited States Bankruptcy Code or any corresponding law during such periods. Theprovisions of this section are for the benefit of the holders of any bonds andare a part of the contractual obligation owed to such bondholders, and thestate hereby agrees that it shall not modify or delete the provisions of thissection during the periods described in this section. The corporation isauthorized to include this agreement of the state in any agreement with theholders of the bonds.