§ 45-58-10 - Succession of utility district to certain obligations of Pascoag fire district. - Rhode Island Statutes

SECTION 45-58-10

   § 45-58-10  Succession of utility districtto certain obligations of Pascoag fire district. – Upon April 4, 2001, the utility district shall:

   (1) Succeed to and become subject to the utility bondobligations heretofore imposed by any security interest or trust instrumentupon the Pascoag fire district; and

   (2) Succeed to the precise position of Pascoag fire district,without any waiver or augmentation of that position whatsoever, as to eachwholesale power purchase or power sales agreement heretofore entered into bythe fire district, that position to include such rights, claims or defenses asPascoag fire district may have had prior to April 4, 2001 with respect to anyobligation of any such contract.