§ 45-37.1-13 - Procedure before undertaking project.
SECTION 45-37.1-13
§ 45-37.1-13 Procedure before undertakingproject. – Notwithstanding any other provision of this chapter, the corporation is notempowered to undertake any project authorized by this chapter unless, prior tothe issuance of any bonds under this chapter, it finds that:
(1) The acquisition and construction of the project willeliminate or prevent unemployment, either in whole or in part, in the area inwhich the project is located; and
(2) The project is consistent with the definition of"project" as defined in § 45-37.1-3; and
(3) The project will be leased to, or owned by, a financiallyresponsible person, partnership, corporation, or concern; and
(4) Adequate provision has been, or will be, made for thepayment of the cost of the acquisition and construction of the project andthat, except in connection with obligations secured by mortgages insured by theRhode Island industrial recreational building authority, under nocircumstances, will the state or any municipality or political subdivision ofthe state be obligated, directly or indirectly, for the payment of theprincipal of, or interest on, any obligation issued to finance theconstruction; and
(5) Adequate provision has been, or will be, made in eachlease or other financing agreement relating to the project for the payment ofall costs of operation, maintenance, and upkeep of the project by the lessee,sublessee, or occupant, so that, except in connection with obligations securedby mortgages which are insured by the Rhode Island industrial recreationalbuilding authority, under no circumstances will the state or municipality beobligated, directly or indirectly, for the payment of those costs; and
(6) The acquisition and construction, proposed financing,operation, and use of the project will aid in the development, growth, andprosperity of the state or (if the project consists of other than railroadrolling stock) of the municipality in which the project is located, and withrespect to projects for air and water pollution control or projects for solidwaste disposal, that the projects will protect the natural resources of thestate and the health and welfare of its citizens; provided, that with respectto projects for air and water pollution control or projects for solid wastedisposal, the corporation is not required to make the findings specified insubdivisions (1) and (2).