§ 45-50-27 - Transfer of project to governmental body. - Rhode Island Statutes

SECTION 45-50-27

   § 45-50-27  Transfer of project togovernmental body. – When all bonds issued under the provisions of the chapter for each specificproject and its interest have been paid, or a sufficient amount for the paymentof all the bonds and their interest to the maturity of the bonds have been setaside in trust for the benefit of the bondholders, that specific projectfinanced under the provisions of this chapter may be transferred to themunicipality leasing the project on terms and conditions and for considerationthat the authority determines. If the authority is dissolved all funds of theauthority not required for the payment of bonds shall be paid to the treasurerof the municipality in which the authority is established for the use of themunicipality, and all property belonging to the authority shall be vested inthe municipality and delivered to it. No part of the net earnings of theauthority shall be distributable to, or inure to the benefit of, any privateperson.