State Codes and Statutes
Statutes > Rhode-island > Title-24 > Chapter-24-12 > 24-12-22SECTION 24-12-22
§ 24-12-22 Purchase of Jamestown-Newportferry franchise. – In the event revenue bonds shall be issued in an amount estimated to besufficient with any other available funds to pay the cost of constructing theNewport Bridge and opening the bridge for traffic, there shall be depositedwith a bank or banks in the city of Newport or in the city of Providence forthe credit of a special account in the name of the town of Jamestown, the sumof two hundred fifty thousand dollars ($250,000) as the cost of the ferryfranchise, and the money so deposited shall be held by the bank or banks in thename of the town of Jamestown for the benefit of the town until such time asthe Newport Bridge shall be open for traffic. Upon the opening, the ferryfranchise shall be transferred to the authority, and thereafter inconsideration of the transfer of the ferry franchise, the money so depositedshall be applied, to the extent necessary, to the retirement of the outstandingbonded indebtedness of the town of Jamestown incurred on account of ferryoperations conducted by the Jamestown and Newport ferry company and any balanceof the amount so deposited shall be paid to the treasurer of the town ofJamestown.
