§ 45-54-12 - Revenues.
SECTION 45-54-12
§ 45-54-12 Revenues. – (a) The corporation is authorized and empowered to fix, revise, and collectfrom time to time, subject to the provisions of this chapter, fees, rentals,and other charges for the use of projects of, or the services rendered by thecorporation to pay:
(1) The cost of maintaining, repairing, and operating theproject or projects or portion or portions of them; and
(2) The principal of, premium, if any, and interest on thebonds and notes as the bonds and notes become due and payable, and to createreserves for these purposes.
(b) The fees, rentals, and other charges are not subject tosupervision or regulation by any commission, board, bureau, or agency of thestate or of any municipality or other political subdivision of the state.
(c) The revenues derived from the project or projects orportion or portions of them, in connection with which the bonds or notes havebeen issued, may be pledged as provided in the resolution or the trustagreement. The pledge is valid and binding from the time when the pledge ismade; the rentals, revenues, or other moneys so pledged and thereafter receivedby the corporation are immediately subject to the lien of the pledge withoutany physical delivery or further act, and the lien of any pledge is valid andbinding against all parties having claims of any kind in tort, contract, orotherwise against the corporation, whether the parties have notice of claims.Neither the resolution nor any trust agreement by which a pledge is createdneed be filed or recorded except in the records of the corporation.
(d) The use and disposition of revenues is subject to theprovisions of the resolution authorizing the issuance of the bonds, or of thetrust agreement.