2010 Rhode Island Code
Title 24 Highways
CHAPTER 24-12 Rhode Island Turnpike and Bridge Authority
§ 24-12-28 Revenues pledged to sinking fund.

§ 24-12-28 Revenues pledged to sinking fund. – To the extent provided in the resolution authorizing the issuance of bonds or in the trust agreement securing the same, the tolls and all other revenues derived from the project or projects or portion or portions in connection with which the bonds of any one or more series shall have been issued, shall be set aside at such regular intervals as may be provided in the resolution or the trust agreement in a sinking fund or funds which shall be 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 money 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 money to the credit of each sinking fund shall be subject to the provisions of the resolution authorizing the issuance of the bonds or of the trust agreement.
History of Section.
(P.L. 1954, ch. 3390, § 9; G.L. 1956, § 24-12-28; P.L. 1960, ch. 219, §§ 1, 18; P.L. 1997, ch. 30, art. 36, § 1.)