§ 24-12-40.C Additional state guaranteedand revenue bonds for Newport Bridge. – Notwithstanding any of the foregoing provisions of this chapter, the authorityis hereby authorized to provide by resolution for the issuance at one time orfrom time to time for completion of the Newport Bridge seven million dollars($7,000,000) aggregate principal amount of bonds of the authority consisting of(1) state guaranteed bonds of the authority in the aggregate principal amountof not exceeding three million five hundred thousand dollars ($3,500,000) anddesignated "Newport Bridge bonds – Guaranteed by the state," and (2) withthe approval of the governor, revenue bonds of the authority in the aggregateprincipal amount of not exceeding three million five hundred thousand dollars($3,500,000) and designated "Newport Bridge revenue bonds." The stateguaranteed bonds and revenue bonds shall be in addition to the bonds of theauthority authorized pursuant to the foregoing provisions of this chapter, andthe issuance thereof and the maturities and other details thereof (includingthe approval of the maturities of the state guaranteed bonds by the generaltreasurer) shall be governed by the provisions of § 24-12-40B insofar as§ 24-12-40B may be applicable and consistent with the provisions of thissection. The state guaranteed bonds and revenue bonds shall be treated,respectively, as state guaranteed bonds and revenue bonds issued pursuant to§ 24-12-40B for the purposes of deposits to the credit of and paymentsfrom the special funds established pursuant thereto; provided, however that theproceeds of the additional state guaranteed bonds shall be deposited to thecredit of a special bond reserve fund to be held by the general treasurer andapplied (together with any investment income therefrom), first, to thereimbursement of the state for all payments theretofore made by the state forinterest due on outstanding "Newport Bridge bonds – Guaranteed by thestate" of the authority pursuant to the guaranty of the state endorsed on thebonds, and second, to the payment, pursuant to the guaranty, of interestbecoming due on "Newport Bridge bonds – Guaranteed by the state" of theauthority, including the additional state guaranteed bonds issued under theprovisions of this section. The authority is further authorized, subject to theapproval of the general treasurer, to provide by resolution for the issuance ofbonds of the authority for the purpose of refunding any of the additional stateguaranteed bonds. The state hereby guarantees the payment of the principal ofand the interest on all the additional state guaranteed bonds, including anybonds issued to refund the bonds, issued under the provisions of this sectionas the bonds respectively become due and payable, and the full faith and creditof the state is hereby pledged for the payment, and a statement to that effectshall be endorsed on the bonds by the general treasurer.
§ 24-12-40.C Additional state guaranteedand revenue bonds for Newport Bridge. – Notwithstanding any of the foregoing provisions of this chapter, the authorityis hereby authorized to provide by resolution for the issuance at one time orfrom time to time for completion of the Newport Bridge seven million dollars($7,000,000) aggregate principal amount of bonds of the authority consisting of(1) state guaranteed bonds of the authority in the aggregate principal amountof not exceeding three million five hundred thousand dollars ($3,500,000) anddesignated "Newport Bridge bonds – Guaranteed by the state," and (2) withthe approval of the governor, revenue bonds of the authority in the aggregateprincipal amount of not exceeding three million five hundred thousand dollars($3,500,000) and designated "Newport Bridge revenue bonds." The stateguaranteed bonds and revenue bonds shall be in addition to the bonds of theauthority authorized pursuant to the foregoing provisions of this chapter, andthe issuance thereof and the maturities and other details thereof (includingthe approval of the maturities of the state guaranteed bonds by the generaltreasurer) shall be governed by the provisions of § 24-12-40B insofar as§ 24-12-40B may be applicable and consistent with the provisions of thissection. The state guaranteed bonds and revenue bonds shall be treated,respectively, as state guaranteed bonds and revenue bonds issued pursuant to§ 24-12-40B for the purposes of deposits to the credit of and paymentsfrom the special funds established pursuant thereto; provided, however that theproceeds of the additional state guaranteed bonds shall be deposited to thecredit of a special bond reserve fund to be held by the general treasurer andapplied (together with any investment income therefrom), first, to thereimbursement of the state for all payments theretofore made by the state forinterest due on outstanding "Newport Bridge bonds – Guaranteed by thestate" of the authority pursuant to the guaranty of the state endorsed on thebonds, and second, to the payment, pursuant to the guaranty, of interestbecoming due on "Newport Bridge bonds – Guaranteed by the state" of theauthority, including the additional state guaranteed bonds issued under theprovisions of this section. The authority is further authorized, subject to theapproval of the general treasurer, to provide by resolution for the issuance ofbonds of the authority for the purpose of refunding any of the additional stateguaranteed bonds. The state hereby guarantees the payment of the principal ofand the interest on all the additional state guaranteed bonds, including anybonds issued to refund the bonds, issued under the provisions of this sectionas the bonds respectively become due and payable, and the full faith and creditof the state is hereby pledged for the payment, and a statement to that effectshall be endorsed on the bonds by the general treasurer.
§ 24-12-40.C Additional state guaranteedand revenue bonds for Newport Bridge. – Notwithstanding any of the foregoing provisions of this chapter, the authorityis hereby authorized to provide by resolution for the issuance at one time orfrom time to time for completion of the Newport Bridge seven million dollars($7,000,000) aggregate principal amount of bonds of the authority consisting of(1) state guaranteed bonds of the authority in the aggregate principal amountof not exceeding three million five hundred thousand dollars ($3,500,000) anddesignated "Newport Bridge bonds – Guaranteed by the state," and (2) withthe approval of the governor, revenue bonds of the authority in the aggregateprincipal amount of not exceeding three million five hundred thousand dollars($3,500,000) and designated "Newport Bridge revenue bonds." The stateguaranteed bonds and revenue bonds shall be in addition to the bonds of theauthority authorized pursuant to the foregoing provisions of this chapter, andthe issuance thereof and the maturities and other details thereof (includingthe approval of the maturities of the state guaranteed bonds by the generaltreasurer) shall be governed by the provisions of § 24-12-40B insofar as§ 24-12-40B may be applicable and consistent with the provisions of thissection. The state guaranteed bonds and revenue bonds shall be treated,respectively, as state guaranteed bonds and revenue bonds issued pursuant to§ 24-12-40B for the purposes of deposits to the credit of and paymentsfrom the special funds established pursuant thereto; provided, however that theproceeds of the additional state guaranteed bonds shall be deposited to thecredit of a special bond reserve fund to be held by the general treasurer andapplied (together with any investment income therefrom), first, to thereimbursement of the state for all payments theretofore made by the state forinterest due on outstanding "Newport Bridge bonds – Guaranteed by thestate" of the authority pursuant to the guaranty of the state endorsed on thebonds, and second, to the payment, pursuant to the guaranty, of interestbecoming due on "Newport Bridge bonds – Guaranteed by the state" of theauthority, including the additional state guaranteed bonds issued under theprovisions of this section. The authority is further authorized, subject to theapproval of the general treasurer, to provide by resolution for the issuance ofbonds of the authority for the purpose of refunding any of the additional stateguaranteed bonds. The state hereby guarantees the payment of the principal ofand the interest on all the additional state guaranteed bonds, including anybonds issued to refund the bonds, issued under the provisions of this sectionas the bonds respectively become due and payable, and the full faith and creditof the state is hereby pledged for the payment, and a statement to that effectshall be endorsed on the bonds by the general treasurer.
