State Codes and Statutes
Statutes > Rhode-island > Title-24 > Chapter-24-12 > 24-12-28SECTION 24-12-28
§ 24-12-28 Revenues pledged to sinkingfund. – To the extent provided in the resolution authorizing the issuance of bonds orin the trust agreement securing the same, the tolls and all other revenuesderived from the project or projects or portion or portions in connection withwhich the bonds of any one or more series shall have been issued, shall be setaside at such regular intervals as may be provided in the resolution or thetrust agreement in a sinking fund or funds which shall be pledged to, andcharged with, the payment of the principal of and the interest on the bonds asthe bonds shall become due, and the redemption price or the purchase price ofbonds retired by call or purchase as provided in the resolution or trustagreement. The pledge shall be valid and binding from the time when the pledgeis made; the tolls and other revenues or other money so pledged and thereafterreceived by the authority shall immediately be subject to the lien of thepledge without any physical delivery thereof or further act, and the lien ofany pledge shall be valid and binding as against all parties having claims ofany kind in tort, contract, or otherwise against the authority, irrespective ofwhether the parties have notice thereof. Neither the resolution nor any trustagreement by which a pledge is created need be filed or recorded except in therecords of the authority. The use and disposition of money to the credit ofeach sinking fund shall be subject to the provisions of the resolutionauthorizing the issuance of the bonds or of the trust agreement.
