2009 Rhode Island Code
Title 42 - State Affairs and Government
CHAPTER 42-55 - Rhode Island Housing and Mortgage Finance Corporation
§ 42-55-29 - Liberal construction.

SECTION 42-55-29

   § 42-55-29  Liberal construction. – Neither this chapter nor anything contained in this section is or shall be construed as a restriction or limitation upon any powers which the corporation might otherwise have under any laws of this state, and this chapter is cumulative to those powers. The corporation shall use its restricted fund balances only (i) for the provision of housing, including, but not limited to, the acquisition, retention, rehabilitation, construction, development, operation, and maintenance of housing units for low and moderate income persons; activities that support and assist the development of housing for low and moderate income persons; and the incidental expenses related to the financing of those activities and (ii) for the general administrative costs of the corporation. This chapter does and shall be construed to provide a complete, additional, and alternative authority for doing the things authorized hereby, and shall be regarded as supplemental and additional to powers conferred by other laws. The issuance of bonds, notes, and other obligations of the corporation under the provisions of this chapter need not comply with the requirements of any other state law applicable to the issuance of bonds, notes, and other obligations, and contracts for the construction and acquisition of any housing developments undertaken pursuant to this chapter need not comply with the provisions of any other state law applicable to contracts for the construction and acquisition of state owned property. No proceedings, notice, or approval under chapter 35 of title 42 or otherwise, shall be required for the issuance of any bonds, notes, and other obligations, any instrument as security therefor, or in connection with the adoption of any bond resolution, except as is provided in this chapter.