Rhode Island § 46-25-51 - Narragansett Bay Commission

§ 46-25-51. Commission notes.

(a) Money borrowed by the commission pursuant to § 46-25-50 shall be evidenced by notes. The principal and interest of all notes of the commission issued in anticipation of the receipts of state or federal funds shall be payable no later than the fourth anniversary of the date of issue thereof, and shall be payable from state or federal funds which the commission reasonably anticipates receiving or any other funds either legally available to the commission or appropriated for that purpose. The principal and interest of all notes of the commission, issued in anticipation of user fees, shall be payable within one year of the date of issue thereof and may be renewed, and the principal amount of the notes shall not exceed in the aggregate eighty percent (80%) of the actual receipts received by the commission from user fees in its next prior fiscal year.

(b) Notwithstanding any other provisions of this chapter, all 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 therein.

(c) The notes or any issue thereof shall be in a form and contain such other provisions as the commission may determine, and the notes or resolutions or proceedings authorizing the notes or any issue thereof may contain, in addition to any provisions, conditions, covenants, or limitations authorized by this chapter, any provisions, conditions, covenants, or limitations which the commission is authorized to include in any resolution or resolutions authorizing notes.

(d) The commission may issue such notes in such manner, either publicly or privately, on such terms as it may determine to be in its best interest. The notes 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.