Rhode Island § 45-27-1 - Housing Authority Bonds and Obligations

§ 45-27-1. Types of bonds issuable — Pledge of revenues — Mortgages.

(a) The authority has power to issue bonds, from time to time in its discretion, for any of its corporate purposes. The authority also has power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it. The authority may issue types of bonds that it may determine, including (without limiting the generality of the foregoing), bonds on which the principal and interest are payable from income and revenues of the authority and from grants or contributions from the federal government or another source. The income and revenues securing the bonds may be:

(1) Exclusively the income and revenues of the housing project financed in whole or in part with the proceeds of the bonds;

(2) Exclusively the income and revenues of certain designated housing projects, whether or not they are financed in whole or in part with the proceeds of the bonds; or

(3) The income and revenues of the authority generally.

(b) The bonds may be additionally secured by a pledge of any income or revenues of the authority or, in certain instances, a mortgage of any housing project, projects, or other property of the authority.