(a) There is authorized, created, and established a public corporation of the state having
a distinct legal existence from the state and not constituting a department of state
government, which is a governmental agency and public instrumentality of the state,
to be known as the “Rhode Island commerce corporation,” and which may be referred
to as the “commerce corporation,” with those powers that are set forth in this chapter,
for the purposes of acquiring and developing real and personal property, and providing
financing to others as set forth in this chapter, providing and promoting and encouraging
the preservation, expansion, and sound development of new and existing industry, business,
commerce, agriculture, tourism, recreational, and renewable energy facilities, promoting
thereby the economic development of the state and the general welfare of its citizens.
(b) The exercise by the corporation of the powers conferred by this chapter shall be deemed
and held to be the performance of an essential governmental function of the state
for public purposes. It is the intent of the general assembly by the passage of this
chapter to vest in the corporation all powers, authority, rights, privileges, and
titles that may be necessary to enable it to accomplish the purposes herein set forth,
and this chapter and the powers granted hereby shall be liberally construed in conformity
with those purposes.
(c) The corporation and its corporate existence shall continue until terminated by law
or until the corporation shall cease entirely and continuously to conduct or be involved
in any business whatsoever in furtherance of its purposes; provided, that no termination
shall take effect, so long as the corporation shall have bonds, notes, or other obligations
outstanding, unless adequate provision shall have been made for the payment thereof
pursuant to the documents securing the obligations or to the terminating law. Upon
termination of the existence of the corporation, all of its rights and properties
shall pass to and be vested in the state. At no time shall the assets or other property
of the corporation inure to the benefit of any person or other corporation or entity.
Notes of Decisions
In Re Advisory Opinion to the Governor, 627 A.2d 1246 (R.I. 1993).
· cites it 6× “1956 (1988 Reenactment) § 42-64-4. The General Assembly vested RIPA with the power to manage airports in § 42-64-5, which states that one of RIPA’s purposes is to “undertake any port project” including but not limited to “airport facilities].”
Sasso v. State, 686 A.2d 88 (R.I. 1996).
· cites it 2× “” G.L.1956 § 42-64-4(b). The EDO’s ability to agree to provisions that, in limited and defined circumstances and subject to various disincentives, permit commercially reasonable changes in the proposed use and renta-ble retail space of the Project’s property is inherent in its…”
Warwick Mall Trust v. State, 684 A.2d 252 (R.I. 1996).
“, § 42-64-4(a) (discussing the EDC). Although payments to the Project’s developer are to be secured for a term not exceeding twenty years by a so-called capital-reserve fund to be established by the EDC, the General Assembly is under no legal compunction to make any annual…”
In Re Request for Advisory Opinion From the Governor, 812 A.2d 789 (R.I. 2002).
· cites it 2× “However, we are mindful that under G.L.1956 § 42-64-4(b) the legislature has specifically stated that “[t]he exercise by the [EDC] of the powers conferred by this chapter shall be deemed and held to be the performance of an essential governmental function of the state for public…”
— R.I. Gen. Laws § 42-64-4(a) — 2 cases
In Re Advisory Opinion to the Governor, 627 A.2d 1246 (R.I. 1993).
“1956 (1988 Reenactment) § 42-64-4. The General Assembly vested RIPA with the power to manage airports in § 42-64-5, which states that one of RIPA’s purposes is to “undertake any port project” including but not limited to “airport facilities].”
Warwick Mall Trust v. State, 684 A.2d 252 (R.I. 1996).
“, § 42-64-4(a) (discussing the EDC). Although payments to the Project’s developer are to be secured for a term not exceeding twenty years by a so-called capital-reserve fund to be established by the EDC, the General Assembly is under no legal compunction to make any annual…”
— R.I. Gen. Laws § 42-64-4(b) — 2 cases
Sasso v. State, 686 A.2d 88 (R.I. 1996).
“” G.L.1956 § 42-64-4(b). The EDO’s ability to agree to provisions that, in limited and defined circumstances and subject to various disincentives, permit commercially reasonable changes in the proposed use and renta-ble retail space of the Project’s property is inherent in its…”
In Re Request for Advisory Opinion From the Governor, 812 A.2d 789 (R.I. 2002).
“However, we are mindful that under G.L.1956 § 42-64-4(b) the legislature has specifically stated that “[t]he exercise by the [EDC] of the powers conferred by this chapter shall be deemed and held to be the performance of an essential governmental function of the state for public…”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.