Rhode Island § 45-50-27 - Municipal Public Buildings Authorities

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

When all bonds issued under the provisions of the chapter for each specific project and its interest have been paid, or a sufficient amount for the payment of all the bonds and their interest to the maturity of the bonds have been set aside in trust for the benefit of the bondholders, that specific project financed under the provisions of this chapter may be transferred to the municipality leasing the project on terms and conditions and for consideration that the authority determines. If the authority is dissolved all funds of the authority not required for the payment of bonds shall be paid to the treasurer of the municipality in which the authority is established for the use of the municipality, and all property belonging to the authority shall be vested in the municipality and delivered to it. No part of the net earnings of the authority shall be distributable to, or inure to the benefit of, any private person.