§ 46-15.1-22 - Discontinuation of borrowing authority and abolishment of water resources board (corporate). - Rhode Island Statutes

SECTION 46-15.1-22

   § 46-15.1-22  Discontinuation of borrowingauthority and abolishment of water resources board (corporate). – (a) Notwithstanding any law to the contrary, including, but not limited to,§ 46-15.1-10, upon the effective date of this section, the water resourcesboard (corporate), established as a body politic and corporate and publicinstrumentality pursuant to this chapter, shall be prohibited from borrowingmoney or issuing bonds for any purpose.

   (b) The water resources board (corporate) shall continue torepay existing debt until all such debt is fully repaid. Upon the repayment bythe water resources board (corporate) of all such existing obligations, thewater resources board (corporate) shall be dissolved and all existing functionsand duties of the water resources board (corporate) shall be transferred to theRhode Island clean water finance agency, a body politic and corporate andpublic instrumentality of the state established pursuant to chapter 46-12.2.