State Codes and Statutes
Statutes > Rhode-island > Title-24 > Chapter-24-12 > 24-12-19SECTION 24-12-19
§ 24-12-19 Use of bond proceeds –Supplementary issues – Surplus proceeds. – The proceeds of the bonds of each issue shall be used solely for the payment ofthe cost of the project or projects for which the bonds shall have been issued,and shall be disbursed in the manner and under the restrictions, if any, as theauthority may provide in the resolution authorizing the issuance of the bondsor in the trust agreement hereinafter mentioned securing the bonds; provided,however, that the amount of the proceeds of the revenue bonds of the firstseries as may be determined by the authority prior to the issuance of the bondsmay be applied to the payment of engineering, financing, and legal services inconnection with the financing and the construction of the Newport Bridge or theturnpike or both. If the proceeds of the bonds of any issue, by error ofestimates or otherwise, shall be less than the cost, additional bonds may inlike manner be issued to provide the amount of the deficit, and, unlessotherwise provided in the resolution authorizing the issuance of the bonds orin the trust agreement securing the bonds, shall be deemed to be of the sameissue and shall be entitled to payment from the same fund without preference ofpriority of the bonds first issued. If the proceeds of the bonds of any issueshall exceed the cost, the surplus shall be deposited to the credit of thesinking fund for the bonds or, if so authorized by the authority, may beapplied to the payment of the cost of any project thereafter financed under theprovisions of this chapter.
