§ 45-38-5 Procedure before acquisition.– Notwithstanding any other provision of law, neither the state, nor anymunicipality, has the power to acquire title to an educational facility,pursuant to the provisions of this chapter, by gift, unless prior to theissuance of obligations to finance the acquisition and construction of aneducational facility by a nonbusiness corporation formed under the provisionsof chapter 6 of title 7, the governor, or the governor's designee, in respectof the state, and the governing body in respect of a municipality, have found,after a hearing, that the acquisition and construction, proposed leasing,operation, and use of the educational facility, and its acquisition by thestate or municipality, will serve a public use and provide a public benefit,and that the acquisition will be within the policy of, and the authorityconferred by, this chapter. The determination may be made by the governor, orthe governor's designee, or appropriate governing body if supported bydocumentation and information that the governor, or the governor's designee, orappropriate governing body may request as a basis for the determination, and ifit is found that:
(1) The acquisition and construction of the educationalfacility will enable or assist an educational institution to fulfill itsobligations in providing education to the youth of this state; and
(2) The educational facility will be leased to, or owned by,a financially responsible educational institution within the state; and
(3) Adequate provision has been, or will be, made for thepayment of the cost of the acquisition and construction of the educationalfacility, and that under no circumstances will the state or municipality beobligated, directly or indirectly, for the payment of the cost of acquisitionand construction of the educational facility, or for the payment of theprincipal of, or interest on, any obligations issued to finance the acquisitionand construction; and
(4) Adequate provision has been, or will be, made in anylease of the educational facility for the payment of all costs of operation,maintenance, and upkeep of the educational facility by the lessee, sublessee,or occupant so that under no circumstances will the state or municipality beobligated, directly or indirectly, for the payment of those costs.
§ 45-38-5 Procedure before acquisition.– Notwithstanding any other provision of law, neither the state, nor anymunicipality, has the power to acquire title to an educational facility,pursuant to the provisions of this chapter, by gift, unless prior to theissuance of obligations to finance the acquisition and construction of aneducational facility by a nonbusiness corporation formed under the provisionsof chapter 6 of title 7, the governor, or the governor's designee, in respectof the state, and the governing body in respect of a municipality, have found,after a hearing, that the acquisition and construction, proposed leasing,operation, and use of the educational facility, and its acquisition by thestate or municipality, will serve a public use and provide a public benefit,and that the acquisition will be within the policy of, and the authorityconferred by, this chapter. The determination may be made by the governor, orthe governor's designee, or appropriate governing body if supported bydocumentation and information that the governor, or the governor's designee, orappropriate governing body may request as a basis for the determination, and ifit is found that:
(1) The acquisition and construction of the educationalfacility will enable or assist an educational institution to fulfill itsobligations in providing education to the youth of this state; and
(2) The educational facility will be leased to, or owned by,a financially responsible educational institution within the state; and
(3) Adequate provision has been, or will be, made for thepayment of the cost of the acquisition and construction of the educationalfacility, and that under no circumstances will the state or municipality beobligated, directly or indirectly, for the payment of the cost of acquisitionand construction of the educational facility, or for the payment of theprincipal of, or interest on, any obligations issued to finance the acquisitionand construction; and
(4) Adequate provision has been, or will be, made in anylease of the educational facility for the payment of all costs of operation,maintenance, and upkeep of the educational facility by the lessee, sublessee,or occupant so that under no circumstances will the state or municipality beobligated, directly or indirectly, for the payment of those costs.
§ 45-38-5 Procedure before acquisition.– Notwithstanding any other provision of law, neither the state, nor anymunicipality, has the power to acquire title to an educational facility,pursuant to the provisions of this chapter, by gift, unless prior to theissuance of obligations to finance the acquisition and construction of aneducational facility by a nonbusiness corporation formed under the provisionsof chapter 6 of title 7, the governor, or the governor's designee, in respectof the state, and the governing body in respect of a municipality, have found,after a hearing, that the acquisition and construction, proposed leasing,operation, and use of the educational facility, and its acquisition by thestate or municipality, will serve a public use and provide a public benefit,and that the acquisition will be within the policy of, and the authorityconferred by, this chapter. The determination may be made by the governor, orthe governor's designee, or appropriate governing body if supported bydocumentation and information that the governor, or the governor's designee, orappropriate governing body may request as a basis for the determination, and ifit is found that:
(1) The acquisition and construction of the educationalfacility will enable or assist an educational institution to fulfill itsobligations in providing education to the youth of this state; and
(2) The educational facility will be leased to, or owned by,a financially responsible educational institution within the state; and
(3) Adequate provision has been, or will be, made for thepayment of the cost of the acquisition and construction of the educationalfacility, and that under no circumstances will the state or municipality beobligated, directly or indirectly, for the payment of the cost of acquisitionand construction of the educational facility, or for the payment of theprincipal of, or interest on, any obligations issued to finance the acquisitionand construction; and
(4) Adequate provision has been, or will be, made in anylease of the educational facility for the payment of all costs of operation,maintenance, and upkeep of the educational facility by the lessee, sublessee,or occupant so that under no circumstances will the state or municipality beobligated, directly or indirectly, for the payment of those costs.
