§ 24-12-40.D - Additional state guaranteed bonds for Newport Bridge.
SECTION 24-12-40.D
§ 24-12-40.D Additional state guaranteedbonds 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 ten million dollars($10,000,000) aggregate principal amount of bonds of the authority designated"Newport Bridge bonds – Guaranteed by the state." The state guaranteedbonds shall be in addition to the bonds of the authority authorized pursuant tothe foregoing provisions of this chapter, (except that the three million fivehundred thousand dollars ($3,500,000) revenue bonds payable solely from tollrevenues of the Newport Bridge and the Mount Hope Bridge authorized by §24-12-40C but unissued by the authority to pay for a part of the cost ofcompletion of the Newport Bridge shall not be issued) and the issuance thereofand the maturities and other details thereof (including the approval of thematurities of the state guaranteed bonds by the general treasurer) shall begoverned by the provisions of § 24-12-40B insofar as § 24-12-40B maybe applicable and consistent with the provisions of this section. The stateguaranteed bonds shall be treated as state guaranteed 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 aportion of the proceeds of the additional state guaranteed bonds may bedeposited to the credit of a special bond reserve fund to be held by thegeneral treasurer and applied (together with any interest income therefrom) tothe payment of interest becoming due on the additional state guaranteed bondsissued under the provisions of this section. The authority is furtherauthorized subject to the approval of the general treasurer to provide byresolution for the issuance of bonds of the authority for the purpose ofrefunding any of the additional state guaranteed bonds. The state herebyguarantees the payment of the principal of and the interest on all theadditional state guaranteed bonds, including any bonds issued to refund thebonds, issued under the provisions of this section as the bonds respectivelybecome due and payable, and the full faith and credit of the state is herebypledged for the payment, and a statement to that effect shall be endorsed onthe bonds by the general treasurer.