Chapter
06-013
2006 -- S 2598
Enacted 03/29/06
A N A
C T
RELATING TO HIGHWAYS
-- MOUNT HOPE BRIDGE AUTHORITY
Introduced By: Senators
Felag, C Levesque, Lenihan, and Gibbs
Date Introduced: February
09, 2006
It is
enacted by the General Assembly as follows:
SECTION
1. Chapter 24-13 of the General Laws entitled "Mount Hope Bridge
Authority"
is hereby repealed in its entirety.
CHAPTER 24-13
Mount Hope Bridge Authority
24-13-1.
Definitions. -- As used in this chapter, the following words and
terms shall have
the
following meanings, unless the context shall indicate another or different
meaning:
(1) "Authority" means the Mount Hope Bridge authority created by
section 24-13-2, or,
if
the authority shall be abolished, the board, body or commission succeeding to
the principal
functions
thereof or upon the powers given by this chapter to the authority shall be
given by law.
(2) "Cost" means the amount necessary to provide funds, with other
moneys available
for
the purpose, for the acquisition of the Mount Hope Bridge.
(3) "Mount Hope Bridge" means the existing bridge between the towns
of Bristol and
Portsmouth
acquired or constructed by the Mount Hope Bridge corporation under the
provisions
of an
act entitled "An act to incorporate Mount Hope Bridge corporation and to
authorize the
corporation
to maintain and operate a bridge between the towns of Bristol and
Portsmouth,"
passed
at the January session, 1932, as amended, and the approaches thereto, and shall
embrace
all
tollhouses, administration, and other buildings and structures used in
connection therewith,
together
with all real and tangible personal property, rights, easements, and interests
acquired by
the Mount
Hope Bridge corporation in connection with the construction and operation of
the
bridge.
24-13-2.
Creation of authority -- Composition. -- (a) Within the
department of
transportation
there is hereby created a body corporate and politic to be known as the
"Mount
Hope
Bridge authority," which shall function as a unit independent of the
director and shall not be
subject
to the director's jurisdiction.
(b) The authority shall consist of five (5) members, one of whom shall be the
director of
transportation,
ex officio, and four (4) of whom shall be appointed by the governor as provided
in
section
24-13-3.
24-13-3.
Appointment of members -- Oath of office. -- (a) In the month of
March,
annually,
the governor shall appoint one member of the authority to serve for a term of
four (4)
years
commencing the first day of April then next ensuing, to succeed the member
whose term
will
then next expire. In the event of a vacancy occurring in the membership, the
governor shall
appoint
a member for the unexpired term. Any member of the authority shall be eligible
for
reappointment.
(b) Each appointed member of the authority before entering upon his or her
duties shall
take
an oath to administer the duties of his or her office faithfully and
impartially, and the oath
shall
be filed in the office of the secretary of state.
24-13-4.
Officers of authority -- Quorum -- Expenses of members. -- The
authority
shall
elect one of its members as chairperson and another as vice chairperson and
shall also elect
a
secretary and a treasurer who may or may not be members of the authority. Three
(3) members
of
the authority shall constitute a quorum and the vote of three (3) members shall
be necessary for
any
action taken by the authority. No vacancy in the membership of the authority
shall impair the
right
of a quorum to exercise all the rights and perform all the duties of the
authority. The
members
of the authority shall not be entitled to compensation for their services but
shall be
reimbursed
for their actual expenses necessarily incurred in the performance of their
duties.
24-13-5.
Power to acquire and operate bridge and issue bonds. -- In order
to benefit
the
people of the state, to increase their commerce, transportation, and prosperity
and to improve
their
health and living conditions the authority is hereby authorized and empowered
to acquire the
Mount
Hope Bridge; to maintain, repair, and operate the bridge; and to issue revenue bonds
of the
authority,
payable solely from revenue, to finance the bridge.
24-13-6.
Bonds payable from revenue. -- Revenue bonds issued under the
provisions of
this
chapter shall not be deemed to constitute a debt of the state or of any
political subdivision
thereof
or a pledge of the faith and credit of the state or of any political
subdivision, but shall be
payable
solely from the funds provided therefor from revenues. All revenue bonds shall
contain
on
the face thereof a statement to the effect that neither the state nor the
authority shall be
obligated
to pay the bonds or the interest thereon except from revenues of the Mount Hope
Bridge
on
account of which bonds shall be issued, and that neither the faith and credit
nor the taxing
power
of the state or of any political subdivision thereof is pledged to the payment
of the
principal
of or the interest on the bonds.
24-13-7.
Expenses payable from funds provided. -- All expenses incurred
in carrying
out
the provisions of this chapter shall be payable solely from funds provided
under the
provisions
of this chapter and no liability or obligation shall be incurred by the
authority
hereunder
beyond the extent to which moneys shall have been provided under the provisions
of
this
chapter.
24-13-8.
General powers of authority. -- The Mount Hope Bridge authority
is hereby
authorized
and empowered:
(1) To issue revenue bonds of the authority for any of its purposes, payable
solely from
the
tolls and revenues pledged for their payment, and to refund its bonds, all as
provided in this
chapter;
provided, however, that the initial issue of bonds under the provisions of this
chapter
shall
provide funds to pay the cost of the Mount Hope Bridge;
(2) To borrow money in anticipation of the issuance of bonds for any of its
purposes and
to
issue notes, certificates, or other evidences of borrowing in such form as may
be authorized by
resolution
of the authority, the notes, certificates, or other evidence of borrowing to be
payable in
the
first instance from the proceeds of any bonds issued under the provisions of
this chapter and
to
contain on their face a statement to the effect that neither the state, the
authority nor any
municipality
or other political subdivision of the state shall be obligated to pay the same
or the
interest
thereon except from the proceeds of bonds in anticipation of the issuance of
which the
notes,
certificates, or other evidences of borrowing shall have been issued, or from
revenues;
(3) To fix and revise from time to time, subject to the provisions of this
chapter, and to
charge
and collect tolls for the use of the Mount Hope Bridge;
(4) To acquire, hold, and dispose of real and personal property in the exercise
of its
powers
and the performance of its duties;
(5) To acquire in the name of the authority by purchase or otherwise, on such
terms and
conditions
and in such manner as it may deem proper, or by the exercise of the rights of
condemnation
in the manner provided in this chapter, the Mount Hope Bridge;
(6) To employ, in its discretion, consulting engineers, attorneys, accountants,
construction
and financial experts, superintendents, managers, and such other employees and
agents
as may be necessary in its judgment, and to fix their compensation;
(7) To enter into contracts with the department of transportation with respect
to the
maintenance
and repair of the Mount Hope Bridge and with the Rhode Island state police with
respect
to the policing of the Mount Hope Bridge;
(8) To make and enter into all contracts and agreements necessary or incidental
to the
performance
of its duties and the execution of its powers under this chapter; and
(9) To do all other acts and things necessary or convenient to carry out the
powers
expressly
granted in this chapter.
24-13-9.
Purchase of bridge by agreement. -- The authority is hereby
authorized and
empowered
to purchase, solely from funds provided under the authority of this chapter,
the
Mount
Hope Bridge, upon such terms and conditions and at such price as may be
considered by it
to be
reasonable and can be agreed upon between it and the owner thereof, and to take
title
thereto.
24-13-10.
Purchase of bridge under statutory option. -- In the event the
authority shall
not
deem it advisable to purchase the Mount Hope Bridge by negotiation as in
section 24-13-9
provided,
or the terms, conditions and price cannot be agreed upon, then, and in such
event, the
authority
may exercise the option, in behalf of the state, pursuant to the provisions of
section 6 of
the
act, entitled "An act to incorporate Mount Hope Bridge corporation and to
authorize the
corporation
to maintain and operate a bridge between the towns of Bristol and
Portsmouth,"
passed
at the January session, A.D. 1932, by giving formal notice thereof on or before
October
24,
1958, that it will acquire the bridge in the name and on behalf of the state on
October 24,
1959,
and thereupon the authority shall purchase the bridge pursuant to the act.
24-13-11.
Eminent domain power. -- In addition to the authority granted in
sections 24-
13-9
and 24-13-10, the authority shall have the right to acquire the Mount Hope
Bridge by the
exercise
of the power of eminent domain.
24-13-12.
Filing of eminent domain resolution and statement of sum deemed just. --
The
necessity for acquisition by eminent domain shall be conclusively presumed upon
the
adoption
by the authority of a resolution declaring that the acquisition of the Mount Hope
Bridge
is
necessary. Within six (6) months thereafter the authority shall cause to be
filed in the land
evidence
records of the towns of Bristol and Portsmouth copies of the resolution of the
authority,
together
with a statement, signed by the chairperson of the authority, that the Mount
Hope Bridge
is
taken pursuant to the provisions of this chapter. Thereupon the authority shall
file in the
superior
court in and for the county of Providence a statement of the sum of money
estimated by
the
authority to be just compensation for the bridge thus taken.
24-13-13.
Title and possession of bridge. -- Upon the filing of the copy
of the resolution
and
statement in the land evidence records of the towns, the filing in the superior
court of the
statement,
and the depositing in the superior court, to the use of the persons entitled
thereto, of
such
sum as the court shall determine to be amply sufficient to satisfy the claims
of all persons
interested
in the bridge (and the court may, in its discretion, take evidence on the
question to
determine
the sum to be deposited), title to the bridge shall vest in the authority in
fee simple
absolute
and the authority thereupon may take possession of the bridge.
24-13-14.
Clerk's fee on deposit -- Notice to corporation -- Agreement on price. --
No
sum
paid into the court shall be charged with clerk's fees of any nature. After the
filing of a
statement,
notice of the taking of the bridge shall be served upon the attorney for
service of the
Mount
Hope Bridge corporation by the sheriff or the sheriff's deputies of Providence
County,
leaving
a true and attested copy of the statement with the attorney personally, or at
the attorney's
office
in this state with some person having charge thereof. If the Mount Hope Bridge
corporation
shall
agree with the authority for the price of the Mount Hope Bridge, so taken, the
court upon the
application
of the parties in interest, may order that the sum agreed upon be paid
immediately
from
the money deposited, as the just compensation to be awarded in the proceeding.
24-13-15.
Jury trial on price. -- In the event the Mount Hope Bridge
corporation cannot
agree
with the authority for the price of the bridge, so taken, it may, within three
(3) months after
notice
of the taking, apply by petition to the superior court in and for Providence
County, setting
forth
the taking of the bridge, and praying for an assessment of damages by a jury.
Upon filing of
the
petition the court shall cause twenty (20) days' notice of the pendency thereof
to be given to
the
authority by serving the chairperson or vice chairperson of the authority with
a certified copy
thereof,
and may proceed after the notice to the trial thereof; and the trial shall
determine all
questions
of fact relating to the value of the bridge, and the amount thereof, and
judgment shall be
entered
upon the verdict of the jury and execution shall be issued therefor against the
money so
deposited
in court and in default thereof against any other property of the authority,
and all
proceedings
taken pursuant to the provisions of this chapter shall take precedence over all
other
civil
matters then pending before the court.
24-13-16.
Repayment of excess deposits. -- Whenever, from time to time the
authority
has
satisfied the court that the amount deposited with the court is greater than is
amply sufficient
to
satisfy the claims of the Mount Hope Bridge corporation, the court may order
that the amount
of
any excess, including any interest or increment on any sums so deposited, shall
be repaid to the
authority.
Whenever the authority has satisfied the court that the claim of the Mount Hope
Bridge
corporation
has been satisfied, the unexpended balance, including any interest or increment
on
any
sums so deposited, shall be paid immediately to the authority.
24-13-17.
Issuance and sale of bonds -- Form and contents. -- Subject to
the
provisions
of sections 24-13-18 and 24-13-19, the authority is hereby authorized to provide
by
resolution
for the issuance, at one time or from time to time, of revenue bonds of the
authority for
the
purpose of paying all or a part of the cost of the acquisition of the Mount
Hope Bridge. The
principal
of and the interest on the bonds shall be payable solely from the funds
provided in this
chapter
for the payment. The bonds of each issue shall be dated, shall bear interest at
the rate or
rates
not exceeding five percent (5%) per annum, shall mature at such time or times,
not
exceeding
fifteen (15) years from their date or dates, as may be determined by the
authority, and
may
be made redeemable before maturity, at the option of the authority, at such
price or prices
and under
such terms and conditions as may be fixed by the authority prior to the
issuance of the
bonds.
The authority shall determine the form of the bonds, including any interest
coupons to be
attached
thereto, and shall fix the denomination or denominations of the bonds and the
place or
places
of payment of the principal and interest, which may be at any bank or trust
company
within
or without the state. The bonds shall be signed by the chairperson of the
authority or shall
bear
the chairperson's facsimile signature, and the official seal of the authority
or a facsimile
thereof
shall be impressed or imprinted thereon and attested by the secretary of the
authority, and
any
coupons attached to the bonds shall bear the facsimile signature of the
chairperson of the
authority.
In case any officer whose signature or a facsimile of whose signature shall
appear on
any
bonds or coupons shall cease to be an officer before the delivery of the bonds,
the signature
or a
facsimile shall nevertheless be valid and sufficient for all purposes the same
as if the officer
had
remained in office until delivery of the bonds. The bonds may be issued in
coupon or in
registered
form, or both, as the authority may determine, and provision may be made for
the
registration
of any coupon bonds as to principal alone and also as to both principal and
interest,
for
the reconversion into coupon bonds of any bonds registered as to both principal
and interest,
and
for the interchange of registered and coupon bonds. The authority may sell the
bonds in such
manner,
either at public or private sale, and for such price, as it may determine will
best effect the
purposes
of this chapter.
24-13-18.
Use of bond proceeds -- Supplementary issues -- Surplus proceeds. --
The
proceeds
of the bonds of each issue shall be used solely for the payment of the cost of
the Mount
Hope
Bridge and shall be disbursed in such manner and under such restrictions, if
any, as the
authority
may provide in the resolution authorizing the issuance of the bonds or in the
trust
agreement,
hereinafter mentioned, securing the bonds. If the proceeds of the bonds of any
issue,
by
error of estimates or otherwise, shall be less than the cost, additional bonds
may in like manner
be
issued to provide the amount of the deficit, and, unless otherwise provided in
the resolution
authorizing
the issuance of the bonds or in the trust agreement securing the bonds, shall
be
deemed
to be of the same issue and shall be entitled to payment from the same fund
without
preference
or priority of the bonds first issued. If the proceeds of the bonds of any
issue shall
exceed
the cost, the surplus shall be deposited to the credit of the sinking fund for
the bonds.
24-13-19.
Interim receipts or temporary bonds -- Replacement of lost or mutilated
bonds
-- Procedure prescribed by chapter exclusive. -- Prior to the preparation of definitive
bonds,
the authority may, under like restrictions, issue interim receipts or temporary
bonds, with
or
without coupons, exchangeable for definitive bonds when the bonds shall have
been executed
and
are available for delivery. The authority may also provide for the replacement
of any bonds
which
shall become mutilated or shall be destroyed or lost. Bonds may be issued under
the
provisions
of this chapter without obtaining the consent of any department, division,
commission,
board,
bureau or agency of the state, and without any other proceedings or the
happening of any
other
conditions or things than those proceedings, conditions or things which are
specifically
required
by this chapter.
24-13-20.
Fixing and collection of tolls. -- The authority is hereby
authorized to fix,
revise,
charge, and collect tolls for the use of the Mount Hope Bridge. The tolls shall
be so fixed
and
adjusted as to provide a fund sufficient with other revenues, if any, to pay
(1) the cost of
maintaining,
repairing, and operating the bridge and (2) the principal of and the interest
on the
bonds
as the bonds shall become due and payable, and to create reserves for such
purposes.
Except
as otherwise provided, the tolls shall not be subject to supervision or
regulation by any
commission,
board, bureau, or agency of the state, or of any municipality or other
political
subdivision
of the state.
24-13-21.
Pledge of revenues -- Sinking fund. -- The tolls and all other
revenues
derived
from the bridge, except such part thereof as may be necessary to pay the cost
of
maintenance,
repair, and operation and to provide such reserves therefor as may be provided
for
in
the resolution authorizing the issuance of the bonds, or in the trust agreement
securing the
bonds,
shall be set aside at such regular intervals as may be provided in the
resolution or the trust
agreement
in a sinking fund which is hereby pledged to, and charged with, the payment of
the
principal
of and the interest on the bonds as the bonds shall become due, and the
redemption price
or
the purchase price of bonds retired by call or purchase as provided in the
resolution or trust
agreement.
The pledge shall be valid and binding from the time when the pledge is made;
the tolls
and
other revenues or other moneys so pledged and thereafter received by the
authority shall
immediately
be subject to the lien of the pledge without any physical delivery thereof or
further
act,
and the lien of any pledge shall be valid and binding as against all parties
having claims of
any kind
in tort, contract, or otherwise against the authority, irrespective of whether
the parties
have
notice thereof. Neither the resolution nor any trust agreement by which a
pledge is created
need
be filed or recorded except in the records of the authority. The use and
disposition of
moneys
to the credit of the sinking fund shall be subject to the provisions of the
resolution
authorizing
the issuance of the bonds or of the trust agreement. Except as may otherwise be
provided
in the resolution or the trust agreement, the sinking fund shall be a fund for
all such
bonds
without distinction or priority of one over another.
24-13-22.
Trust funds -- Trustee. -- All moneys received pursuant to the
provisions of
this
chapter, whether as proceeds from the sale of bonds or as revenues, shall be
deemed to be
trust
funds to be held and applied solely as provided in this chapter. The authority
shall, in the
resolution
authorizing the bonds or in the trust agreement securing the bonds, provide for
the
payment
of the proceeds of the sale of the bonds and the revenues to be received to a
trustee,
which
shall be any trust company or bank having the powers of a trust company within
or without
the
state, who shall act as trustee of the funds, and hold and apply the bonds to
the purposes of
this
chapter, subject to such regulations as this chapter and the resolution or
trust agreement may
provide.
24-13-23.
Bondholders' remedies. -- Any holder of bonds issued under the
provisions of
this
chapter or any of the coupons appertaining thereto, and the trustee under the
trust agreement,
except
to the extent the rights herein given may be restricted by the trust agreement,
may, either
at
law or in equity, by civil action, mandamus, or other proceeding, protect and
enforce any and
all
rights under the laws of the state or granted under this chapter or under the
trust agreement or
the
resolution authorizing the issuance of the bonds, and may enforce and compel
the
performance
of all duties required by this chapter or by the trust agreement or resolution
to be
performed
by the authority or by any officer thereof, including the fixing, charging, and
collecting
of tolls.
24-13-24.
Tax exemption. -- The exercise of the powers granted by this
chapter shall be
in
all respects for the benefit of the people of the state, for the increase of
their commerce,
transportation,
and prosperity and for the improvement of their health and living conditions,
and
as the
acquisition, operation and maintenance by the authority of the Mount Hope
Bridge will
constitute
the performance of essential governmental functions, the authority shall not be
required
to
pay any taxes or assessments upon the bridge or upon any property acquired or
used by the
authority
under the provisions of this chapter or upon the income from the bridge, and
the bonds
issued
under the provisions of this chapter, their transfer and the income therefrom
(including any
profit
made on the sale thereof) shall at all times be free from taxation within the
state.
24-13-25.
Eligibility of bonds for investment. -- Bonds issued by the
authority under
the
provisions of this chapter are hereby made securities in which all public
officers and public
bodies
of the state and its political subdivisions, all insurance companies, trust
companies,
savings
banks, banking associations, investment companies, executors, administrators,
trustees
and
other fiduciaries may properly and legally invest funds, including capital in
their control or
belonging
to them. The bonds are hereby made securities which may properly and legally be
deposited
with and received by any state or municipal officer or any agency or political
subdivision
of the state for any purpose for which the deposit of bonds or obligations is
now or
may
hereafter be authorized by law.
24-13-26.
Negotiability of bonds. -- Notwithstanding any of the foregoing
provisions of
this
chapter or any recitals in any bonds issued under the provisions of this
chapter, all the bonds
shall
be deemed to be negotiable instruments under the laws of this state.
24-13-27.
Refunding and improvement bonds. -- The authority is hereby
authorized to
provide
for the issuance of revenue refunding bonds of the authority for the purpose of
refunding
any
bonds then outstanding which shall have been issued under the provisions of
this chapter,
including
the payment of any redemption premium thereon or any interest accrued or to
accrue to
the
date of redemption of the bonds, and, if deemed advisable by the authority, for
the additional
purpose
of constructing improvements, extensions or enlargements of the Mount Hope
Bridge in
connection
with which the bonds to be refunded shall have been issued. The authority is
further
authorized
to provide by resolution for the issuance of its revenue bonds for the combined
purpose
of (1) refunding any bonds then outstanding which shall have been issued under
the
provisions
of this chapter, including the payment of any redemption premium thereon and
any
interest
accrued on or to accrue to the date of redemption of the bonds, and (2) paying
all or any
part
of the cost of the improvements, extensions or enlargements. The issuance of
the bonds, the
maturities
and other details thereof, the rights of the holders thereof, and the rights,
duties, and
obligations
of the authority in respect of the bonds shall be governed by the provisions of
this
chapter
insofar as this chapter may be applicable.
24-13-28.
Resolutions of authority. -- Any action taken by the authority
under the
provisions
of this chapter may be authorized by resolution at any regular or special
meeting, and
each
resolution shall take effect immediately and need not be published or posted.
24-13-29.
Annual report and audit. -- Within the first ninety (90) days of
each fiscal
year
of the authority, the authority shall make an annual report to the governor and
to the general
assembly
of its activities for the preceding fiscal year. Each report shall set forth a
complete
operating
and financial statement covering its operations during the year. The state
director of
administration
shall cause an annual audit of the books, records, and accounts of the
authority to
be
made and the cost thereof shall be treated as a part of the cost of operation.
24-13-30.
Penalty for nonpayment of tolls. -- Any person who uses the
Mount Hope
Bridge
and wilfully refuses to pay the toll provided therefor shall be punished by a
fine of not
more
than one hundred dollars ($100) or by imprisonment for not more than thirty
(30) days, or
both.
24-13-31.
[Repealed.] --
24-13-32.
Severability. -- The provisions of this chapter are severable,
and if any of its
provisions
shall be held unconstitutional by any court of competent jurisdiction, the
decision of
that
court shall not affect or impair any of the remaining provisions.
SECTION
2. This act shall take effect upon passage.
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LC01820
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