§ 42-133-2 - Purpose. - Rhode Island Statutes

SECTION 42-133-2

   § 42-133-2  Purpose. – The purpose of this chapter is to authorize, create and establish a corporationempowered to acquire from the state that portion of the state's tobaccoreceipts as the state is authorized to sell; to authorize the sale by the stateof all or a portion of the state's tobacco receipts to such corporation; toauthorize the transfer to and the receipt by such corporation of all or aportion of the state's tobacco receipts; to authorize such corporation to issuebonds of the corporation for the purposes authorized in this chapter, payablesolely from and secured solely by such portion of the state's tobacco receiptsas the corporation may designate and pledge to secure the bonds, together withthe investment income thereon and any reserve fund created by the corporationfrom any portion of the proceeds of such bonds; and to authorize thecorporation to manage and dispose of all or a portion of the state's tobaccoreceipts for the purposes and in the manner authorized in this chapter.