§ 24-12-40.B Certain bonds guaranteed bystate. – (a) The authority is hereby authorized to provide by resolution for theissuance at one time or from time to time of bonds of the authority in anaggregate principal amount not exceeding seventeen million five hundredthousand dollars ($17,500,000) for paying a part of the cost of the NewportBridge; the bonds shall be designated "Newport Bridge bonds – Guaranteedby the state," and shall mature in such annual instalments, the first of whichshall be made payable not earlier than five (5) years after the date of thebonds and the last of which shall be made payable not later than fifty (50)years after the date of the bonds, as may be determined by the authority withthe approval of the general treasurer. The bonds shall be dated, shall bearinterest at such rate or rates not exceeding six percent (6%) per annum andshall be made redeemable before maturity, at the option of the authority, atthe price or prices and under such terms and conditions as may be fixed by theauthority prior to the issuance of the bonds. The principal of and the intereston the bonds shall be payable at the office of the general treasurer, or at theoption of the holder, at any bank or trust company within or without the state.The bonds shall be sold by the authority at public sale upon a call for sealedbids to be received at the office of the general treasurer in the city ofProvidence; the authority shall cause a notice of the sale to be published atleast once at least fourteen (14) days before the date fixed for the receipt ofbids in a daily newspaper of general circulation published in the city ofProvidence and in a daily newspaper of a general circulation or a financialjournal published in New York City and devoted primarily to the subject ofstate, county, and municipal bonds; but no sale shall be made at less than parand accrued interest. The proceeds of the bonds shall be deposited to thecredit of a special construction fund and applied by the authority to thepayment of the cost of the Newport Bridge. The authority is further authorized,subject to the approval of the general treasurer, to provide by resolution forthe issuance of bonds of the authority for the purpose of refunding any bondsthen outstanding which shall have been issued under the provisions of thisparagraph. The issuance of the bonds and the maturities and other detailsthereof shall be governed by the foregoing provisions of this subsectioninsofar as this chapter may be applicable. The state hereby guarantees thepayment of the principal of and interest on all bonds issued under theprovisions of this subsection as the bonds respectively become due and payableand the full faith and credit of the state are hereby pledged for the payment,and a statement to that effect shall be endorsed on the bonds by the generaltreasurer.
(b) The revenue bonds issued under the provisions of thischapter for paying the balance of the cost of the Newport Bridge, which revenuebonds, together with the bonds issued under the provisions of subsection (a)and other revenue bonds, if any, issued under the provisions of § 24-12-21shall not exceed an aggregate principal amount of forty-seven million fivehundred thousand dollars ($47,500,000) and shall mature at such time or times,not exceeding fifty (50) years from their date, as may be determined by theauthority. Prior to the issuance of the bonds authorized to be issued under theprovisions of the first subsection of this section, or the revenue bonds, ifany, issued under the provisions of § 24-12-21, or the revenue bondsissued for paying the balance of the cost of the Newport Bridge, the authorityshall determine the respective amounts which are to be deposited in each fiscalyear to the credit of a special fund for the payment of the interest on and theprincipal of the bonds and to create a reserve for such purpose, and also toprovide a fund for accelerating the maturity or maturities of the bonds (theamounts being hereinafter collectively called the "Principal and interestrequirements for the bonds").
(c) Notwithstanding any of the foregoing provisions of thischapter, the authority is hereby authorized and directed to combine the NewportBridge and the Mount Hope Bridge for financing purposes and to fix, revise,charge and collect tolls for the use of the Newport Bridge and the Mount HopeBridge, which tolls and all other revenues derived from the Mount Hope Bridgeand the Newport Bridge, except such part thereof as may be necessary to pay thecost of maintenance, repair, and operation and to provide the reserves thereforas may be provided for in the resolution authorizing the issuance of the bondsor in the trust agreement securing the bonds, shall be set aside at suchregular intervals as may be provided in the resolution or the trust agreementand deposited to the credit of the following funds in the following order,until the bonds shall have been paid or adequate provisions shall have beenmade for their payment:
(1) To the credit of a special fund for paying the intereston and the principal of the revenue bonds issued under the provisions ofsubsection (a) of § 24-12-18 and the revenue bonds, if any, issued underthe provisions of § 24-12-21, such amount as may be required to make theamount deposited in the then current fiscal year to the credit of the fundequal to the principal and interest requirements of such bonds in such fiscalyear;
(2) To the credit of a special fund for the payment of theinterest on and the principal of the bonds issued under the provisions ofsubsection (a), the amount as may be required to make the amount deposited inthe then current fiscal year to the credit of the fund equal to the totalamount of the principal of and the interest on the bonds which is payable inthe fiscal year; and
(3) To the credit of the special fund referred to insubsection (c)(1), the balance, if any, of the revenues; provided, however,that if the amount so deposited to the credit of the special fund referred toin subsection (c)(1) or to the credit of the special fund referred to insubsection (c)(2), in any fiscal year shall be less than the required amount,the requirement therefor shall nevertheless be cumulative and the amount of anydeficiency in any fiscal year shall be added to the amount otherwise requiredto be deposited in each fiscal year thereafter until such time as alldeficiencies shall have been made up.
§ 24-12-40.B Certain bonds guaranteed bystate. – (a) The authority is hereby authorized to provide by resolution for theissuance at one time or from time to time of bonds of the authority in anaggregate principal amount not exceeding seventeen million five hundredthousand dollars ($17,500,000) for paying a part of the cost of the NewportBridge; the bonds shall be designated "Newport Bridge bonds – Guaranteedby the state," and shall mature in such annual instalments, the first of whichshall be made payable not earlier than five (5) years after the date of thebonds and the last of which shall be made payable not later than fifty (50)years after the date of the bonds, as may be determined by the authority withthe approval of the general treasurer. The bonds shall be dated, shall bearinterest at such rate or rates not exceeding six percent (6%) per annum andshall be made redeemable before maturity, at the option of the authority, atthe price or prices and under such terms and conditions as may be fixed by theauthority prior to the issuance of the bonds. The principal of and the intereston the bonds shall be payable at the office of the general treasurer, or at theoption of the holder, at any bank or trust company within or without the state.The bonds shall be sold by the authority at public sale upon a call for sealedbids to be received at the office of the general treasurer in the city ofProvidence; the authority shall cause a notice of the sale to be published atleast once at least fourteen (14) days before the date fixed for the receipt ofbids in a daily newspaper of general circulation published in the city ofProvidence and in a daily newspaper of a general circulation or a financialjournal published in New York City and devoted primarily to the subject ofstate, county, and municipal bonds; but no sale shall be made at less than parand accrued interest. The proceeds of the bonds shall be deposited to thecredit of a special construction fund and applied by the authority to thepayment of the cost of the Newport Bridge. The authority is further authorized,subject to the approval of the general treasurer, to provide by resolution forthe issuance of bonds of the authority for the purpose of refunding any bondsthen outstanding which shall have been issued under the provisions of thisparagraph. The issuance of the bonds and the maturities and other detailsthereof shall be governed by the foregoing provisions of this subsectioninsofar as this chapter may be applicable. The state hereby guarantees thepayment of the principal of and interest on all bonds issued under theprovisions of this subsection as the bonds respectively become due and payableand the full faith and credit of the state are hereby pledged for the payment,and a statement to that effect shall be endorsed on the bonds by the generaltreasurer.
(b) The revenue bonds issued under the provisions of thischapter for paying the balance of the cost of the Newport Bridge, which revenuebonds, together with the bonds issued under the provisions of subsection (a)and other revenue bonds, if any, issued under the provisions of § 24-12-21shall not exceed an aggregate principal amount of forty-seven million fivehundred thousand dollars ($47,500,000) and shall mature at such time or times,not exceeding fifty (50) years from their date, as may be determined by theauthority. Prior to the issuance of the bonds authorized to be issued under theprovisions of the first subsection of this section, or the revenue bonds, ifany, issued under the provisions of § 24-12-21, or the revenue bondsissued for paying the balance of the cost of the Newport Bridge, the authorityshall determine the respective amounts which are to be deposited in each fiscalyear to the credit of a special fund for the payment of the interest on and theprincipal of the bonds and to create a reserve for such purpose, and also toprovide a fund for accelerating the maturity or maturities of the bonds (theamounts being hereinafter collectively called the "Principal and interestrequirements for the bonds").
(c) Notwithstanding any of the foregoing provisions of thischapter, the authority is hereby authorized and directed to combine the NewportBridge and the Mount Hope Bridge for financing purposes and to fix, revise,charge and collect tolls for the use of the Newport Bridge and the Mount HopeBridge, which tolls and all other revenues derived from the Mount Hope Bridgeand the Newport Bridge, except such part thereof as may be necessary to pay thecost of maintenance, repair, and operation and to provide the reserves thereforas may be provided for in the resolution authorizing the issuance of the bondsor in the trust agreement securing the bonds, shall be set aside at suchregular intervals as may be provided in the resolution or the trust agreementand deposited to the credit of the following funds in the following order,until the bonds shall have been paid or adequate provisions shall have beenmade for their payment:
(1) To the credit of a special fund for paying the intereston and the principal of the revenue bonds issued under the provisions ofsubsection (a) of § 24-12-18 and the revenue bonds, if any, issued underthe provisions of § 24-12-21, such amount as may be required to make theamount deposited in the then current fiscal year to the credit of the fundequal to the principal and interest requirements of such bonds in such fiscalyear;
(2) To the credit of a special fund for the payment of theinterest on and the principal of the bonds issued under the provisions ofsubsection (a), the amount as may be required to make the amount deposited inthe then current fiscal year to the credit of the fund equal to the totalamount of the principal of and the interest on the bonds which is payable inthe fiscal year; and
(3) To the credit of the special fund referred to insubsection (c)(1), the balance, if any, of the revenues; provided, however,that if the amount so deposited to the credit of the special fund referred toin subsection (c)(1) or to the credit of the special fund referred to insubsection (c)(2), in any fiscal year shall be less than the required amount,the requirement therefor shall nevertheless be cumulative and the amount of anydeficiency in any fiscal year shall be added to the amount otherwise requiredto be deposited in each fiscal year thereafter until such time as alldeficiencies shall have been made up.
§ 24-12-40.B Certain bonds guaranteed bystate. – (a) The authority is hereby authorized to provide by resolution for theissuance at one time or from time to time of bonds of the authority in anaggregate principal amount not exceeding seventeen million five hundredthousand dollars ($17,500,000) for paying a part of the cost of the NewportBridge; the bonds shall be designated "Newport Bridge bonds – Guaranteedby the state," and shall mature in such annual instalments, the first of whichshall be made payable not earlier than five (5) years after the date of thebonds and the last of which shall be made payable not later than fifty (50)years after the date of the bonds, as may be determined by the authority withthe approval of the general treasurer. The bonds shall be dated, shall bearinterest at such rate or rates not exceeding six percent (6%) per annum andshall be made redeemable before maturity, at the option of the authority, atthe price or prices and under such terms and conditions as may be fixed by theauthority prior to the issuance of the bonds. The principal of and the intereston the bonds shall be payable at the office of the general treasurer, or at theoption of the holder, at any bank or trust company within or without the state.The bonds shall be sold by the authority at public sale upon a call for sealedbids to be received at the office of the general treasurer in the city ofProvidence; the authority shall cause a notice of the sale to be published atleast once at least fourteen (14) days before the date fixed for the receipt ofbids in a daily newspaper of general circulation published in the city ofProvidence and in a daily newspaper of a general circulation or a financialjournal published in New York City and devoted primarily to the subject ofstate, county, and municipal bonds; but no sale shall be made at less than parand accrued interest. The proceeds of the bonds shall be deposited to thecredit of a special construction fund and applied by the authority to thepayment of the cost of the Newport Bridge. The authority is further authorized,subject to the approval of the general treasurer, to provide by resolution forthe issuance of bonds of the authority for the purpose of refunding any bondsthen outstanding which shall have been issued under the provisions of thisparagraph. The issuance of the bonds and the maturities and other detailsthereof shall be governed by the foregoing provisions of this subsectioninsofar as this chapter may be applicable. The state hereby guarantees thepayment of the principal of and interest on all bonds issued under theprovisions of this subsection as the bonds respectively become due and payableand the full faith and credit of the state are hereby pledged for the payment,and a statement to that effect shall be endorsed on the bonds by the generaltreasurer.
(b) The revenue bonds issued under the provisions of thischapter for paying the balance of the cost of the Newport Bridge, which revenuebonds, together with the bonds issued under the provisions of subsection (a)and other revenue bonds, if any, issued under the provisions of § 24-12-21shall not exceed an aggregate principal amount of forty-seven million fivehundred thousand dollars ($47,500,000) and shall mature at such time or times,not exceeding fifty (50) years from their date, as may be determined by theauthority. Prior to the issuance of the bonds authorized to be issued under theprovisions of the first subsection of this section, or the revenue bonds, ifany, issued under the provisions of § 24-12-21, or the revenue bondsissued for paying the balance of the cost of the Newport Bridge, the authorityshall determine the respective amounts which are to be deposited in each fiscalyear to the credit of a special fund for the payment of the interest on and theprincipal of the bonds and to create a reserve for such purpose, and also toprovide a fund for accelerating the maturity or maturities of the bonds (theamounts being hereinafter collectively called the "Principal and interestrequirements for the bonds").
(c) Notwithstanding any of the foregoing provisions of thischapter, the authority is hereby authorized and directed to combine the NewportBridge and the Mount Hope Bridge for financing purposes and to fix, revise,charge and collect tolls for the use of the Newport Bridge and the Mount HopeBridge, which tolls and all other revenues derived from the Mount Hope Bridgeand the Newport Bridge, except such part thereof as may be necessary to pay thecost of maintenance, repair, and operation and to provide the reserves thereforas may be provided for in the resolution authorizing the issuance of the bondsor in the trust agreement securing the bonds, shall be set aside at suchregular intervals as may be provided in the resolution or the trust agreementand deposited to the credit of the following funds in the following order,until the bonds shall have been paid or adequate provisions shall have beenmade for their payment:
(1) To the credit of a special fund for paying the intereston and the principal of the revenue bonds issued under the provisions ofsubsection (a) of § 24-12-18 and the revenue bonds, if any, issued underthe provisions of § 24-12-21, such amount as may be required to make theamount deposited in the then current fiscal year to the credit of the fundequal to the principal and interest requirements of such bonds in such fiscalyear;
(2) To the credit of a special fund for the payment of theinterest on and the principal of the bonds issued under the provisions ofsubsection (a), the amount as may be required to make the amount deposited inthe then current fiscal year to the credit of the fund equal to the totalamount of the principal of and the interest on the bonds which is payable inthe fiscal year; and
(3) To the credit of the special fund referred to insubsection (c)(1), the balance, if any, of the revenues; provided, however,that if the amount so deposited to the credit of the special fund referred toin subsection (c)(1) or to the credit of the special fund referred to insubsection (c)(2), in any fiscal year shall be less than the required amount,the requirement therefor shall nevertheless be cumulative and the amount of anydeficiency in any fiscal year shall be added to the amount otherwise requiredto be deposited in each fiscal year thereafter until such time as alldeficiencies shall have been made up.
