§ 45-38.1-7 - Title to project. - Rhode Island Statutes

SECTION 45-38.1-7

   § 45-38.1-7  Title to project. – When the principal of and interest on bonds of the corporation issued tofinance the cost of a particular project or projects for a participatinginstitution for higher education or for a participating health care provider,including any refunding bonds or notes issued to refund and refinance the bondsor notes, have been fully paid and retired, or when adequate provision has beenmade to fully pay and retire the bonds or notes, and all other conditions ofthe resolution or trust agreement authorizing and securing the bonds or noteshave been satisfied and the lien of the resolution or trust agreement has beenreleased in accordance with its provisions, the corporation shall promptly dothings and execute deeds and conveyances that are necessary and required toconvey title to the project or projects to the participating institution forhigher education or the participating health care provider, free and clear ofall liens and encumbrances, all to the extent that title to the project orprojects shall not, at the time, then be vested in the participatinginstitution for higher education or the participating health care provider.