Rhode Island § 46-25-57 - Narragansett Bay Commission

§ 46-25-57. Sale of rights to uncollected assessments and user fees that are due and payable.

The executive director, with the approval of the chairperson of the commission and the director of the department of administration, is authorized to sell to a bank or other financial institution the rights of the commission to receive assessment and user fees which are due and payable as of the end of the commissioner’s fiscal year and are uncollected at the time of the sale. Terms and conditions of the sale shall be determined by the executive director, with the approval of the chairperson and the director of the department of administration. Any agreement between the commission and a bank or other financial institution, executed under this section, shall be filed with the secretary of state, but need not be filed or recorded under the Uniform Commercial Code. The executive director shall act as the sole collecting agency for the bank or financial institution, and shall exercise the rights under this chapter as to collection, enforcement of liens, and sale for nonpayment with respect to the assessments and user fees.