Rhode Island § 46-25-59 - Narragansett Bay Commission

§ 46-25-59. Security for revenue bonds or revenue notes.

(a) The principal of and interest on any revenue bonds or revenue notes issued by the commission, may be secured by a pledge of any revenues and receipts of the commission, and may be secured by a mortgage or other instrument covering all or any part of one or more sewage treatment facilities, including all or part of any additions, improvements, extensions to language, or enlargements of such facilities thereafter made.

(b) The resolution under which the revenue bonds or revenue notes are authorized to be issued and any such mortgage, lease, sales agreement, or loan agreement, or other instrument may contain agreements and provisions respecting the maintenance of the facilities covered thereby, the fixing and collection of rents, payments or repayments, or other revenues, therefrom, including moneys received in repayment of loans, and interest thereon, the creation and maintenance of special funds from such rents or other revenues, and the rights and remedies available in the event of default, all as the commission shall deem advisable.

(c) Each pledge, agreement, mortgage, or other instrument made for the benefit or security of any of the revenue bonds or revenue notes of the commission shall continue in effect until the principal of and interest on the revenue bonds or revenue notes for the benefit of which the same was made shall have been fully paid, or until provision shall have been made for the payment in the manner provided in the resolutions under which the revenue bonds or revenue notes were authorized.

(d) The commission may provide, in any proceedings under which revenue bonds or revenue notes may be authorized, that any sewage treatment facility or part thereof may be constructed, reconstructed, rehabilitated, or improved by the commission, or any lessee, vendee, obligor, or any designee of the commission, and may also provide in proceedings for the time and manner of and requisitions for disbursements to be made for the cost of such construction, and for all such certificates and approvals of construction and disbursements as the commission shall deem necessary and provide for in proceedings.

(e) Any resolution under which revenue bonds or revenue notes of the commission are authorized to be issued (and any trust indenture established thereby) may contain provisions for vesting in a trustee or trustees such properties, rights, powers, and duties in trust as the commission may determine, including any or all of the rights, powers, and duties of the trustee appointed by the holders of any issue of revenue bonds or revenue notes pursuant to § 46-25-65, in which event the provisions of § 46-25-65 authorizing the appointment of a trustee by holders of revenue bonds or revenue notes shall not apply.