2005 Rhode Island Code - § 37-22-10 — Material default – Remedies – Public-private initiatives.

    (a) Except upon agreement of the private entity and any other parties to the comprehensive agreement, providing for public-private initiatives, the board shall not exercise any of the remedies provided in this section, unless the Providence county superior court, after notice to the private entity and the secured parties (as may appear in the private entity's records) and an opportunity for hearing, shall first issue a declaratory judgment that a material default, as defined in § 37-22-4, has occurred and is continuing.

   (b) Upon entry by the superior court of a declaratory judgment order pursuant to subsection (a) above, unless this order is stayed pending appeal to the Rhode Island supreme court, the board may exercise any or all of the following remedies:

   (1) The board may solicit other private entities to take over a qualifying project and in this case it shall succeed to all of the right, title and interest in this project, subject to the secured interests of any person providing financing for it in accordance with the comprehensive agreement.

   (2) The board may terminate the comprehensive agreement and exercise any other rights and remedies which may be available to it at law or in equity.

   (3) The board may make or cause to be made any appropriate claims under the performance and/or payment bonds required by § 37-22-7(a)(6).