2013 Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64.10 - Quonset Development Corporation
Section 42-64.10-6 - Additional general powers and duties.

§ 42-64.10-6 Additional general powers and duties. – In addition to the powers enumerated in § 42-64.10-5, except to the extent inconsistent with any specific provision of this chapter, the corporation shall have and may exercise additional general powers:

(a) As set forth in § 42-64-7 necessary or convenient to effect its purposes; provided, however, that the corporation shall not have the power to issue bonds or notes or exercise eminent domain;

(b) As a subsidiary of the Rhode Island economic development corporation as provided for in § 42-64-7.1;

(c) As the Rhode Island economic development corporation's true and lawful attorney as agent and attorney-in-fact and in the name, place and stead of the Rhode Island economic development corporation with respect to all property of the Rhode Island economic development corporation at Quonset Business Park (hereinafter referred to as "the Property") and for the purposes hereinafter set forth:

(1) To ask, demand, recover, collect, receive, hold and possess all sums of money, debts, dues, goods, wares, merchandise, chattels, effects, bonds, notes, checks, drafts, accounts, deposits, safe deposit boxes, interests, dividends, stock certificates, certificates of deposit, insurance benefits and proceeds, documents of title, personal and real property, tangible and intangible property and property rights, liquidated or unliquidated, which now are or hereafter shall be or become due, owing, or payable in respect to the Property, and upon receipt thereof, or of any part thereof, to make, sign, execute, and deliver such receipts, releases or other discharges for the same as the corporation shall deem proper.

(2) To lease, purchase, exchange and acquire, and to bargain, contract, and agree for the lease, purchase, exchange, and acquisition of, and to take, receive, possess and manage any real or personal property related in any way to the Property, tangible and intangible, or any interest therein.

(3) To enter into and upon all and each of the real properties constituting a part of or related in any way to the Property, and to let, manage, and improve the real property or any part thereof, and to repair or otherwise improve or alter, and to insure any buildings or structures thereon.

(4) To market and sell, either at public or private sale, or exchange any part or parts of the real or personal properties, including indebtedness or evidence thereof, constituting a part of or related in any way to the Property, including sales on credit, and for that purpose to execute and receive all promissory notes, bonds, mortgages, deeds of trust, security agreements, and other instruments which may be necessary or proper, and to bargain, contract and agree with respect to the sale or exchange of such properties; and to execute and deliver good and sufficient deeds, bills of sale, assignments, or other instruments or endorsements for the conveyance or transfer of the same; and to give receipts for all or any part of the purchase price or other consideration.

(5) To sign, endorse, execute, acknowledge, deliver, receive, and possess such applications, contracts, agreements, options, covenants, deeds, conveyances, trust deeds, mortgagees deeds, security agreements, bills of sale, leases, mortgages, assignments, insurance policies, bills of lading, warehouse receipts, documents of title, bills, bonds, debentures, checks, drafts, bills of exchange, notes, stock certificates, proxies, warrants, commercial paper, receipts, withdrawal receipts and deposit instruments relating to accounts or deposits in, or certificates of deposit of, banks, savings and loan or other institutions or associations, proofs of loss, evidences of debts, releases, and satisfactions of mortgages, judgments, liens, security agreements, and other debts and obligations, and other instruments in writing of whatever kind and nature as be necessary or proper in the exercise of the rights and powers herein granted.

(6) To enter into subordination agreements, inter-creditor agreements, reinstatement agreements, "stand still" and "stand-by" agreements, modification agreements, forbearance agreements, and other contracts having the effect of subordinating, modifying, renewing, restructuring or otherwise altering the rights, obligations or liabilities of the economic development corporation, under or with respect to any indebtedness, property or other assets constituting or securing any Property.

(7) To make demands, give notices of default, notices of intention to accelerate, notices of acceleration, or such other notices as the corporation deems necessary or appropriate, and to take other actions and exercise other rights which may be taken under the terms of any loan agreements, security agreements, guaranties, or other documents or agreements evidencing or otherwise relating to the Property, including foreclosure, lease, sale, taking possession of, realization upon or any other disposition of any Property or any collateral therefor or guarantee thereof.

(8) To exercise any powers and any duties vested in the economic development corporation as a partner, joint venturer, participant or other joint interest holder with respect to any Property, or to concur (or not) with persons jointly interested with the economic development corporation in any Property.

(9) With respect to the Property: (i) To sue on or otherwise prosecute any claim or cause of action, or commence or seek any legal, equitable or administrative or other remedy in any legal, administrative, arbitration, mediation or other proceeding whatsoever (including, non-judicial repossessions and foreclosures or similar actions to recover collateral); (ii) to defend, or otherwise participate for or in the name of the economic development corporation in any legal, administrative, arbitration, mediation or other proceedings; (iii) to process, determine, or adjudge any claim or cause of action for or in the name of the economic development corporation; (iv) to compromise, settle, discharge or resolve, or make, execute, or deliver any endorsements, acquittances, releases, receipts, or other discharges of any claim, cause of action, determination, judgment or other proceeding for or in the name of the economic development corporation; and (v) to prepare, execute and file ad valorem, franchise and other tax returns, protests and suits against taxing authorities, and to prepare, execute and file other governmental or quasi-governmental reports, declarations, applications, requests and documents in connection with any Property, and to pay taxes in connection with the Property as the corporation deems necessary or appropriate, or as otherwise required by law.

(10) Any third party shall be entitled to rely on a writing signed by the corporation to conclusively establish the identity of a particular Property as property for all purposes hereof.

(d) To own, hold, improve, operate, manage, and regulate utilities at the Quonset Business Park and to establish rates, fees, and charges, to adopt regulations, and to impose penalties for any services or utilities it provides or causes to have available and to have functions and exercise powers as necessary and appropriate under the provisions of §§ 42-64-4, 42-64-7.4, 42-64-7.8, 42-64-7.9 and 42-64-9.1 – 42-64-9.10, inclusive.

(e) To enter into agreements with any city, town, district or public corporation with regard to application and/or administration of zoning or other land use ordinances, codes, plans, or regulations, and cities, towns, districts, and public corporations are hereby authorized and empowered, notwithstanding any other law to the contrary, to enter into such agreements with the corporation and to do all things necessary to carry out their obligations under such agreements; in the absence of any such agreement the corporation shall act in accordance with the provisions of § 42-64-13.

(f) To enter into agreements, including with any state agency, city, town, district or public corporation, for the provision of police, security, fire, sanitation, health protection, and other public services.

(g) To be exempt from taxation and to enter into agreements for payments in lieu of taxes as provided for in § 42-64-20.

History of Section.
(P.L. 2004, ch. 351, § 3; P.L. 2004, ch. 360, § 3.)