Rhode Island § 42-64-16 - Rhode Island Commerce Corporation

§ 42-64-16. Short-term notes.

Money borrowed by the Rhode Island commerce corporation for the purpose of providing temporary financing of a project or projects or combination of projects pending the issuance of bonds or other notes, shall be evidenced by notes or other obligations. The principal and interest of all notes or other obligations of the corporation issued under the provisions of this section shall be payable no later than the fourth anniversary of the date of their issue, and shall be payable from the following: (1) from the proceeds of bonds subsequently issued; or (2) from the proceeds of subsequent borrowings which comply with the provisions hereof; or (3) from general revenues of the corporation which may be equal and proportionate with, but not superior to, that securing bonds then outstanding or subsequently issued. Notwithstanding any other provisions of this chapter, all these notes shall be deemed to be negotiable instruments under the laws of the state of Rhode Island subject only to the provisions for registration contained in those laws. The notes or other obligations or any issue of these shall be in a form and contain any other provisions as the corporation may determine and the notes or resolutions or proceedings authorizing the notes or other obligations or any issue of these may contain, in addition to any provisions, conditions, covenants, or limitations authorized by this chapter, any provisions, conditions, covenants, or limitations which the corporation is authorized to include in any resolution or resolutions authorizing bonds or notes or in any trust indenture relating to bonds or notes. The corporation may issue the notes or other obligations in any manner either publicly or privately on any terms as it may determine to be in its best interests. These notes or other obligations may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, body, or agency of the state, without any other proceedings or the happening of any conditions or things other than those proceedings, conditions, or things which are specifically required by this chapter and by the provisions and resolutions authorizing the issuance of the notes or obligations.