§ 42-4.1-1 - Legislative findings and purpose.
SECTION 42-4.1-1
§ 42-4.1-1 Legislative findings andpurpose. – (a) The general assembly hereby finds that:
(1) Yachting and yacht racing are vital elements of thetourist and manufacturing economies of the state of Rhode Island. Thecompetition for the America's Cup that was staged in Rhode Island waters foralmost fifty (50) years is an important part of the cultural heritage of thestate.
(2) As a participant in five (5) America's Cup regattas, anda two-time successful defender of the America's Cup, the twelve-meter yachtCOURAGEOUS best exemplifies the spirit of America's Cup competition during theera when this competition was based in Newport.
(3) The yacht COURAGEOUS is now owned by the museum ofyachting, a not-for-profit corporation organized and located at Fort AdamsState Park in Newport.
(4) It is in the public interest that the yacht COURAGEOUS bemaintained as a living example of the involvement of the city of Newport andthe state of Rhode Island as the host and location of the America's Cupcompetition, the longest-running sports competition in the world.
(b) The purpose of this chapter is to provide theinspirational backing of the state of Rhode Island for the maintenance of theyacht COURAGEOUS, in the ownership of a public, nonprofit entity, as an exhibitand monument to the importance of the yachting industry to the heritage andcommerce of the state of Rhode Island.