§ 46-25-51 Commission notes. – (a) Money borrowed by the commission pursuant to § 46-25-50 shall beevidenced by notes. The principal and interest of all notes of the commissionissued in anticipation of the receipts of state or federal funds shall bepayable no later than the fourth anniversary of the date of issue thereof, andshall be payable from state or federal funds which the commission reasonablyanticipates receiving or any other funds either legally available to thecommission or appropriated for that purpose. The principal and interest of allnotes of the commission, issued in anticipation of user fees, shall be payablewithin one year of the date of issue thereof and may be renewed, and theprincipal amount of the notes shall not exceed in the aggregate eighty percent(80%) of the actual receipts received by the commission from user fees in itsnext prior fiscal year.
(b) Notwithstanding any other provisions of this chapter, allnotes shall be deemed to be negotiable instruments under the laws of the stateof Rhode Island, subject only to the provisions for registration containedtherein.
(c) The notes or any issue thereof shall be in a form andcontain such other provisions as the commission may determine, and the notes orresolutions or proceedings authorizing the notes or any issue thereof maycontain, in addition to any provisions, conditions, covenants, or limitationsauthorized by this chapter, any provisions, conditions, covenants, orlimitations which the commission is authorized to include in any resolution orresolutions authorizing notes.
(d) The commission may issue such notes in such manner,either publicly or privately, on such terms as it may determine to be in itsbest interest. The notes may be issued under the provisions of this chapterwithout obtaining the consent of any department, division, commission, board,body, or agency of the state, without any other proceedings or the happening ofany conditions or things other than those proceedings, conditions, or thingswhich are specifically required by this chapter, and by the provisions andresolutions authorizing the issuance of the notes.
§ 46-25-51 Commission notes. – (a) Money borrowed by the commission pursuant to § 46-25-50 shall beevidenced by notes. The principal and interest of all notes of the commissionissued in anticipation of the receipts of state or federal funds shall bepayable no later than the fourth anniversary of the date of issue thereof, andshall be payable from state or federal funds which the commission reasonablyanticipates receiving or any other funds either legally available to thecommission or appropriated for that purpose. The principal and interest of allnotes of the commission, issued in anticipation of user fees, shall be payablewithin one year of the date of issue thereof and may be renewed, and theprincipal amount of the notes shall not exceed in the aggregate eighty percent(80%) of the actual receipts received by the commission from user fees in itsnext prior fiscal year.
(b) Notwithstanding any other provisions of this chapter, allnotes shall be deemed to be negotiable instruments under the laws of the stateof Rhode Island, subject only to the provisions for registration containedtherein.
(c) The notes or any issue thereof shall be in a form andcontain such other provisions as the commission may determine, and the notes orresolutions or proceedings authorizing the notes or any issue thereof maycontain, in addition to any provisions, conditions, covenants, or limitationsauthorized by this chapter, any provisions, conditions, covenants, orlimitations which the commission is authorized to include in any resolution orresolutions authorizing notes.
(d) The commission may issue such notes in such manner,either publicly or privately, on such terms as it may determine to be in itsbest interest. The notes may be issued under the provisions of this chapterwithout obtaining the consent of any department, division, commission, board,body, or agency of the state, without any other proceedings or the happening ofany conditions or things other than those proceedings, conditions, or thingswhich are specifically required by this chapter, and by the provisions andresolutions authorizing the issuance of the notes.
§ 46-25-51 Commission notes. – (a) Money borrowed by the commission pursuant to § 46-25-50 shall beevidenced by notes. The principal and interest of all notes of the commissionissued in anticipation of the receipts of state or federal funds shall bepayable no later than the fourth anniversary of the date of issue thereof, andshall be payable from state or federal funds which the commission reasonablyanticipates receiving or any other funds either legally available to thecommission or appropriated for that purpose. The principal and interest of allnotes of the commission, issued in anticipation of user fees, shall be payablewithin one year of the date of issue thereof and may be renewed, and theprincipal amount of the notes shall not exceed in the aggregate eighty percent(80%) of the actual receipts received by the commission from user fees in itsnext prior fiscal year.
(b) Notwithstanding any other provisions of this chapter, allnotes shall be deemed to be negotiable instruments under the laws of the stateof Rhode Island, subject only to the provisions for registration containedtherein.
(c) The notes or any issue thereof shall be in a form andcontain such other provisions as the commission may determine, and the notes orresolutions or proceedings authorizing the notes or any issue thereof maycontain, in addition to any provisions, conditions, covenants, or limitationsauthorized by this chapter, any provisions, conditions, covenants, orlimitations which the commission is authorized to include in any resolution orresolutions authorizing notes.
(d) The commission may issue such notes in such manner,either publicly or privately, on such terms as it may determine to be in itsbest interest. The notes may be issued under the provisions of this chapterwithout obtaining the consent of any department, division, commission, board,body, or agency of the state, without any other proceedings or the happening ofany conditions or things other than those proceedings, conditions, or thingswhich are specifically required by this chapter, and by the provisions andresolutions authorizing the issuance of the notes.
