Rhode Island § 45-58-9 - Pascoag Utility District

§ 45-58-9. Separation of utility assets and fire protection assets.

Upon April 4, 2001, ownership of the utility assets previously titled to, or otherwise owned or controlled by, the Pascoag fire district shall be transferred to the utility district, subject to any security interest of record relating to such utility assets, which security interests, if any, shall remain in full force and effect and be unimpaired by the transfer of ownership of the utility assets. All fire protection assets that are the property of Pascoag fire district on April 4, 2001 shall remain the property of the fire district. To the extent that individual assets presently titled to the Pascoag fire district cannot be classified as either utility assets or fire protection assets, the utility district and the fire district shall negotiate in good faith to transfer title to such assets to one entity or the other, with or without cost but in all cases preserving any applicable contract rights of third parties. The utility district and the fire district may agree to joint ownership or control of assets that cannot reasonably be classified as either utility assets or fire protection assets.