§ 45-27-1 - Types of bonds issuable – Pledge of revenues – Mortgages. - Rhode Island Statutes

SECTION 45-27-1

   § 45-27-1  Types of bonds issuable –Pledge of revenues – Mortgages. – (a) The authority has power to issue bonds, from time to time in itsdiscretion, for any of its corporate purposes. The authority also has power toissue refunding bonds for the purpose of paying or retiring bonds previouslyissued by it. The authority may issue types of bonds that it may determine,including (without limiting the generality of the foregoing), bonds on whichthe principal and interest are payable from income and revenues of theauthority and from grants or contributions from the federal government oranother source. The income and revenues securing the bonds may be:

   (1) Exclusively the income and revenues of the housingproject financed in whole or in part with the proceeds of the bonds;

   (2) Exclusively the income and revenues of certain designatedhousing projects, whether or not they are financed in whole or in part with theproceeds of the bonds; or

   (3) The income and revenues of the authority generally.

   (b) The bonds may be additionally secured by a pledge of anyincome or revenues of the authority or, in certain instances, a mortgage of anyhousing project, projects, or other property of the authority.