§ 24-12-39 - Transfer of projects to state – Dissolution of authority. - Rhode-island Statutes

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Statutes > Rhode-island > Title-24 > Chapter-24-12 > 24-12-39

SECTION 24-12-39

§ 24-12-39 Transfer of projects to state– Dissolution of authority. – When all bonds issued under the provisions of this chapter and the interestthereon shall have been paid or a sufficient amount for the payment of all thebonds and the interest thereon to the maturity thereof shall have been setaside in trust for the benefit of the bondholders, all projects financed underthe provisions of this chapter shall be transferred to the state in goodcondition and repair, and thereupon the authority shall be dissolved and allfunds of the authority not required for the payment of bonds shall be paid tothe general treasurer for the use of the state and all machinery, equipment andother property belonging to the authority shall be vested in the state anddelivered to the department of transportation.

State Codes and Statutes

Statutes > Rhode-island > Title-24 > Chapter-24-12 > 24-12-39

SECTION 24-12-39

§ 24-12-39 Transfer of projects to state– Dissolution of authority. – When all bonds issued under the provisions of this chapter and the interestthereon shall have been paid or a sufficient amount for the payment of all thebonds and the interest thereon to the maturity thereof shall have been setaside in trust for the benefit of the bondholders, all projects financed underthe provisions of this chapter shall be transferred to the state in goodcondition and repair, and thereupon the authority shall be dissolved and allfunds of the authority not required for the payment of bonds shall be paid tothe general treasurer for the use of the state and all machinery, equipment andother property belonging to the authority shall be vested in the state anddelivered to the department of transportation.

State Codes and Statutes

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State Codes and Statutes

Statutes > Rhode-island > Title-24 > Chapter-24-12 > 24-12-39

SECTION 24-12-39

§ 24-12-39 Transfer of projects to state– Dissolution of authority. – When all bonds issued under the provisions of this chapter and the interestthereon shall have been paid or a sufficient amount for the payment of all thebonds and the interest thereon to the maturity thereof shall have been setaside in trust for the benefit of the bondholders, all projects financed underthe provisions of this chapter shall be transferred to the state in goodcondition and repair, and thereupon the authority shall be dissolved and allfunds of the authority not required for the payment of bonds shall be paid tothe general treasurer for the use of the state and all machinery, equipment andother property belonging to the authority shall be vested in the state anddelivered to the department of transportation.