§ 45-50-24 - Limitation of powers. - Rhode Island Statutes

SECTION 45-50-24

   § 45-50-24  Limitation of powers. –The state pledges to and agrees with any person, firm, or corporation, orfederal agency subscribing to or acquiring the bonds to be issued by theauthority for the construction, extension, improvement, equipping, furnishing,or enlargement of any project or part of it, that the state will not limit oralter the rights vested in the authority until all bonds at any time issued,together with their interest, are fully met and discharged. The state doesfurther pledge to and agree with the United States, and any other federalagency, that in the event that any federal agency constructs or contributes anyfunds for the construction, extension, improvement, equipping, furnishing, orenlargement of any project, or any portion of it, the state will not alter orlimit the rights and powers of the authority in any manner which would beinconsistent with the due performance of any agreements between the authorityand the federal agency; and the authority continues to have and may exerciseall powers granted by this chapter, so long as the powers are necessary ordesirable for the carrying out of the purposes of this chapter.