1954 RI General Assembly Chapter 3391

7/30/2019 1954 RI General Assembly Chapter 3391

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Repeal of prior"',.Transfer ofproperty.

Act effective,when.

574 JANUARY SESSION, 1954-0HAPTER 3391.SEC. 20. Repeal.-Ohapter 2152 of the public laws,

1948, shall be and is hereby repealed. All property belonging to the Narraganset t Bay bridge authori ty ,created by said chapter 2152, including books, maps,plans, papers and records of whatever description shallbe delivered to the authority created by this act whichis hereby authorized and empowered to take possessionthereof for the uses and purposes of this act, and allobligations of said Narragansett Bay 'bridge authorityto repay any advances made to i t by the Jamestownbridge commission before January '1, 1954 shall be reolinqnished. All other acts and parts of acts inconsistentWith the provisions of this act are hereby repealed tothe extent of such inconsistency.SEC. 21. This act shall take effect upon it s passage.

and 4 of wholll -ballas herein prO\'ided.Forthwilh upon lheshall appoint one Ille

of April, 1955, one IIIof April, 1956, onc IllCApril, 1957 and onc nof April, 1958 andshall be duly appointc'In the mon th of

March annually lberone member of said l4 years to succeed tnext expire. In thesaid membership, tlle Ifor the unexpired


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-CHAPTER 3391. JAXliARY SESSIOX, 195,!-CHAPTER 3391. 57552 of the public laws,

aledo All property be3ay bridge. authority,cluding books, maps,

.tever description shallated by this ac t whichred to take possessions of this act, and all. Bay br idge authorityit hy the Jamestownry 1, 1954 shall be reots of acts inconsistent

are herehy repealed to

fect upon its passage.

391.BRIDGE AUTHORITY AND

i.D DUTIES.Illb!y as follows:,ge Authority. Withinthere is hereby createdto be known as the

and 4 of whom shall be appointed by the governoras herein provided.

Forthwith upon the passage of this act, the governorshall appoiut one member to serve until the first dayof April, 1955, one member to serve until the 1st dayof April, 1956, one member to serve until the 1st day ofApril, 1957 and oue member to serve until the 1s t dayof April, 1958 and until their respective successorsshall be duly appointed and qualified.

In the month of March, 1955, and in the month ofMarch annually thereafter, the governor shall appointone member of said authority to serve for a term of,! years to succeed the member whose term will thennext expire. In the event of a vacancy occurring insaid membership, the governor shall appoint a memberfor the unexpired term. Any member of the anthorityshall be eligible for reappointment.

Each appointed member of the authority before entering upon his dut ies shall take an oath to administerthe duties of his office faithfully and impartially, andsuch oath shall be filed in the office of the secretary ofstate.

The authority shall elect oue of it s members as chairman and another as vice chair-man and shall also elect


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i IDefinitions.

"authority".

576 JANUARY SESSION, 1954-CHAPTER 3391.al l the r ights and perform all the duties of the authority. The members of the authority shall not beentitled to compensa tion for their services but shallbe reimbursed for their actual expenses necessarily incurred in the performance of their duties.SEC. 2. Definitions. As used in this act, the follow

ing words and terms shall have the following meano ings, unless the context shall indicate another 01 ' differen t meaning:

(a ) The word "authority" shall mean the MountHope bridge authority created by section 1 of this act,or, if said authority shall be abolished, the board, body01' commission succeeding to the principal functionsthereof 01' upon the powers given by tbis act to theauthority shall be given by law.

(c) 'l'he wordsary to providesuch purpose, forbridge.

SEC. 3. ACqUiriithe people of thetransportation ondhealth and li"ingauthorized and embridge; to mainlain,to issue I"evcnuc bODIfrom revcnne, to fin

SEC. 4. Gred; t ofNot Pledged. Reveolsions of this act shallof the state or of ao,


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576 JAKUARY SESSION, 1954-CHAPTER 3391. JA:-Il;ARY SESSION, 1954-CHAPTER 3391. 577all the righ ts and perfol'm al l the dut ies of the authority. 'he members o f the authority shall no t beentit led to compensation for their services bu t shallbe reimbursed for their actual expenses necessarily incurred in the performance of their duties.

SEC. 2. Defrnitions. As used in this act, the followin" words and terms shall have the following meanin;., unless the context shall indicate another or different meaning:

(a) The word "authority" shall mean t he Mountpe b,'idge autIlOrity created by se ct ion 1 of this act,i f aid authority shall be abolished, the board, body

mmi . . ion succeeding to the princ ipal funct ionsf or upou the powers given by t hi s act to thety shall be given by law.The term "Mount Hope bridge'; shall mean the

r 1 d ~ e hetween the towns of Bristol and Ports-uirel! or constructed by the Mount Hope

ration under the provisions of an act ent to incorporate Mount Hope Bridge Corto authorize said ccrporation to main

a bridge between the towns of Bristol" passed at the January session 1932b ' ,t e approaches thereto, and shall em-, administration and o ther buildu ed in connection therewith to-aM tu. 'bl '19J e personal property,Intl,.es l acqui"ed by the Mount

In conuection with the con-01 auch bridge.

(c) The word "cost" shall mean the amouut necessary to provide funds, with other moneys available fo rsuch purpose, fo r the acquisition of the Mount Hopebridge.

SEC. 3. Acq1dsition of b,'idge. In order to benefitthe people of the state, to increase their commerce,t ransportat ion and prosperity and t o improve theirhealth and l iving conditions the authority is herebyauthorized and empowered t? acquire the Mount Hopebridge; to maintain, repair and operat e t he same ; andt o i ssue r evenue bonds of the authority, payable solelyfrom revenue, to finance the same.

SEC. 4. C,'edit of State o.nd Politioal SubdivisionsNot Pledged. Revenue bonds issued under the provisions of this act shall no t be deemed to constitute a debtof the state or of any political suhdivision thereof ora pledge of the faith and credit of the state or of anysuch political subdivision, bu t shall be payable solelyfrom the funds provided therefor from revenues. Allsuch revenue bonds shal l contain On t he face the reo fa statement to the effect that neither the state u or theauthority shall be obligated to pay the same or theinterest t hereon except from revenues of the Mo untHope bridge on account of which such bonds shall beissued and that neither t he f ai th and credi t nor thetaxing power of the state Or of any political subdivisionther eo f i s pledged to the payment of the principal ofor the interest on such bonds.

All expenses incurred in carrying ou t the provisionsof this ac t shall be payable solely from funds providedunder the provisions of this ac t and no liability 01' obli-

"cost".

Acquisitionof bridge.

Credit of Stateand PoliticalSubdivisionsNot Pledged.


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Powers ofAuthority.

578 JANUARY SESSION, 1954-CHAPTER 3391.gation shall be incurred by the authority hereunderbeyond the extent to which moneys shall have beenprovided under the provisions of this act.

SEC. 5. Powe,'s of Authmity. The Mount Hopebridge authority is hereby authorized and empowered:(a ) to issue l'evenue bonds of the authority for any

of its purposes, payable solely from the tolls and revenues pledged for their pl!-yment, and to refund it sbonds, al l as provided in this act; provided, however,that the initial issue of bonds under the provisions ofthis ac t shall provide funds to pay the cost of theMount Hope bridge;(b) to borrow money in anticipation of the issnance

of bonds for any of its purposes and to issue notes,

(d) to a,property inance of ita d'

(el toacq'chase Or othe:in such mann,exercise of thehereinafter pro'

(fl to employ"neers, attorneys,experts, superinploJees and agenllment, and to fix

(g) to enter into


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578 JANUARY SESSION, 1954--CHAPTER 3391. JANUARY SESSION, 1954--CHAPTER 3391. 579

gation sha ll be incurred by the authori ty hereunderbeyond 'the extent to which moneys shall have beenprovided under the provisions of this act.

(d) to acquire, hold and dispose of real and personalproperty in the exercise of it s powers and the perform-ance of it s duties; ..

Same.

SEC. 5. Powel'S o f Autho l ity. The Mount Hopebridge authority i s hereby authorized and empowered:

(a) to issue l 'evenue bonds of the authority for anyof i ts purposes, payable solely from the tol ls and revenues pledged for their p!!yment, and to refund it sbonds, all as provided i n t his act; pl'ovided, ho-wever,tbat the ini tial issue of bonds under the provisions ofthis act shall provide funds to pay the cost of theMount Hope bridge;

(b) to borrow money in anticipation of the issuancebond for any of it s purposes and to issue notes,

ficates, 01' other evidences of such borrowing inform as may be authorized by resolution of the

r i t ~ , such notes, certificates, or o ther evidence ofrrowing to be payable in the first instance from

s of any bonds issued under the provisionst and to contain on their face a statement tothat neither the state, the authori ty nor anyor other political subdivision of the state

ted to pay the same or the interest therethe proceeds of bonds in anticipation ofwhich such notes, certificates or o ther. ,

WlDg shall have been issued, or from

revise from t' .lme to time subJ'ectaet '},( ,and to charge and collectOUnt Hope bridge;

(e) to acquire in the name of t he authority by purchase or otherwise, on sucli terms and conditions andin such manner as it may deem proper, or by theexercise of the r ights of condemnation in the mannerhereinafter provided, the Mount Hope bridge;(f) to employ, in its discretion, consulting engi

neers, attorneys, accountants, construction and financialexperts, superintendents, managers, and such other employees and agents as may be necessary in it s judgment, and to fi x their compensation;(g ) to enter into contracts with the department of

public works with respect to the maintenance and repair of said iYIount Hope bridge and with the Rhode Isl and s ta te police with respect to the policing of theMount Hope bridge;(h) to make and ent er i nto a ll contracts and agree

ments necessary or incidental to the performance of it sduties and the execution of it s powers under this act,and(i ) to do al l ot her acts and things necessary or

convenient to carry out the powers expressly grantedin this act.

SEC. 6. The authOl'ity is hereb:r authorized and em- P",h"" .powered to purchase, solely from funds provided underthe authority of this act, the Mount Hope bridge, upon


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Exercise ofoption underprior law.

580 JANUARY SESSION, 19M-CHAPTER 3391.such t erms and conditions and at such price as may beconsidered by it to be reasonable and can be agreedupon between it and the owner thereof, and to take t it lethereto.

SEC. 7. In the event the author ity sha ll not deemit advisable to purchase said Mount Hope bridge bynegotiation as in section 6 of this ac t provided, or theterms, conditions and price cannot be ag reed upon,then, and in such event, th e authority may exercisethe option, in behalf of the state, pursuant to th e provisions of section 6 of said act, ent itl ed "An act toincorporate Mount Hope Bridge Corporation and toauthorize said corporation to main ta in and operate abridge between the towns of Bl' is tol and Portsmouth,"passed at the January session, A.D. 1932, by givingformal notice the reof on or before October 24, 1958,

POItsmOuth e,together ";th athe authorit)',pursuant to the

a u t h o r i t ~ shall jl),the county of Pmoney estimated byt ion for the bridge

(b) Upon the filin,and statement in thetowns the filing in theand the depositing inth e persons entitled tl>shall determine to beclaims of all persons icourt may, in its diser

I


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580 JANUARY SESSION, 1954--CHAPTER 3391. JAKUARY SESSION, 1954-CHAPTER 3391. 581

ofIder

such terms and conditions and at such p ri ce a s may beconsidered by it to be reasonable and can be agreedupon between it and the owner thereof, and to take t it lethereto.

SEC. 7. In the event the authori ty shall no t deemit advisable to pur chase sa id Mount Hope bridge by

~ e g o t i a t i o n as in sect ion 6 of thi s act provided, or theterms, conditions and price cannot be agreed upon,then, and in such event, the authori ty maJ' exercisethe option, in behalf of the state, pursuant to the provisions of section 6 of said act, entitled "An ac t toincorporate Mount Hope Bridge Corporation and toauthorize said corpora tion to maintain and opera te abridge between the towns of Bl' istol and Portsmouth,"passed at the January session, A.D. 1932, by givingformal not ice thereof on or before October 24, 1958,that it will acquire the same in the name and on behalfof the state of Rhode Island on October 24, 1959, andthereupon the authority shall purchase said bridge pursuant to said act.

SEC. 8. E",,inent Domain P,oceeiUngs. In additionto the authority granted in sections 6 and 7 of this act,the authority shall have the right to acquire the MountBope bridge by the exercise of the power of eminent

main.

) 'l'he necessity for such acquisition shall be conely ~ r e ~ u m e d Upon the adopt ion by the authority

utlon declaring that t he acqu is it ion of theope b r i d ~ .th oe IS necessary. Within six monthse authority sha ll cause to be filed in thee records f ho t e towns of Bristol and

Portsmouth copies of such resolution of the authority,together with a statement, signed by the cha irman ofthe authority, that said Mount Hope bridge is takenpursuant to the provisions of this act . The reupon theauthority sball file in the superior court in and forthe county of P rovidence a statement of the sum ofmoney estimated by the authority to be just compensation f or the bridge thus taken.

(b ) Upon the filing of the copy of such resolutionand statement in the land evidence records of suchtowns the filing in the super io r court, of the statement,and th e depositing in the supel'ior court, to the use ofthe persons entitled the re to , of such sum as the courtshall determine to be amply sufficient to sat is fy theclaims of al l persons interested in said bridge (and thecourt may, in it s discretion, take evidence on the question to determine the sum to be deposited), title to suchbl'idge shall vest in the authority in fee simple absoluteand the authority thereupon may take possession of saidbl'idge.

(c) :No sum so paid in to the court shall be chargedwith clerk's fees of any nat ur e. A fte r the fil ing of suchstatement, notice of the taking of said bridge shall besened upon the attorney for service of the Mount HopeBI'idge Corporation by the sheriff Or his deput ies ofProvidence county, leaving a true and attested copy ofsuch statement with such attorney personally, or at hisoffice in this state with some person having charge thereof. I f the Mount Hope Bridge Corporation shall agreewith the authority for the price of the Mount Hopebridge, so taken, the court upon the application of theparties in interest, may order that the sum agreed upon

Same.


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"!

Same.582 JANUARY SESSION, 19M-CHAPTER 3391.be paid forthwith from the money deposited, as the justcompensation to be awarded in said proceeding.

(d) In the event said Mount Hope Bridge Corporation cannot agree with the authority for the price of thebridge, so taken, it maJ', within three months afternotice of said taking, apply by petition to the snperiorcourt in and for Providence county, setting forth thetaking of tbe said bridge, and praying for an assessment of damages by a jury. Upon fil ing of such petitionthe said court -sball cause twenty days' notice of thependency thereof to be given to the authority by servingthe chairman or 'Vice chairman of the authority with acertified copy thereof, and may proceed after such noticeto the trial thereof; and such trial shall determine al lquestions of fact relati ng to the value of such bridge,and the amount thereof, and judgment shall be entered

crement On unywith to the authOr!'

SEC.

(a) SUbject to the(c) of this section,to provide bS resoluti,or f r ~ m time to time,for the purpose of "athe acquisition of thepal of and the inleressolely from the fundsThe bonds of each issues t at sucb rate or ra(5%) per annum, shnot exceeding fi[teen


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be paid fortbwith from the money deposited, as the justcompensation to be awarded in said proceeding.

RevenueBonds.

583ANUAUY SESSION, 1954--CHAPTER 3391.

SEC. 9. Revenue Bonds.

crement on any sums so deposited, shall be paid forthwith to the authority.

(a ) Subject to tbe provisions of paragraphs (b) and(c) of th is section, tbe authori ty is hereby authorizedto p rovide by resolution for the issuance, at one timeor fr

le) Whenever, from time to time the authori ty hased lhe cou.-t that the amount deposited with the1& grealer tban is amply sufficient to satisfy theI the Mount IT B 'ope rIdge CorpOl'ation, the courtr that the a._ mount of any such excess includ\ C r ~ l or . ,. lllcrement on any sums so depositedIdtoth 'tisfi e authori ty. Wbenever the au

r i : the court that the c la im of theCo,-po' fI . la IOn has been sati sfi ed. nee in 1 . ' c udmg any interest Or in.

582


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Same.584 JANUARY SESSION, 1954-CHAPTER 3391.signature or a facsimile of whose signature shall appearon any bonds or coupons shall cease to be such officerbefol'e the delivery of such bonds,such signature or suchfacsimile shall nevertheless be valid and sufficient foral l purposes the same as i f he had remained in officeuntil such delivery. The bondsmay be issued in couponor in registered form, or both, as the authority may de-termine, and provision may be made for th e registration of any coupon bonds as to principal alone and alsoas to both principal and interest, for the reconversioninto coupon bonds of any bonds registered as to bothprincipal and interest, and for the interchange of reg-istered and coupon bonds. The authority may sell suchbonds in such manner, either at public Or private sale,and for such price, as i t may determine wil l best effectthe purposes of this act,

Prior to the pre!laraUauthority may, nnder likeceipts Or temporary bonexchangeable for definitivehave beeu executed and arela u t h o r i t ~ , mal' also providbonds which shall becolllstroyed Or lost. Bonds Ill:sions of this act withau tdepartment, division,agency of the state, and wor the happening of any atthose proceedings, conditicfically required by this act


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584 JANUARY SESSION, 1954-CHAPTEIt 3391. JANUARY SESSION, 1954-CHAP' rER 3391. 585signature or a facsimile of whose signature shall appearon any bonds or coupons shall cease to be such officerbefore the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient fora ll pu rpose s the same as i f he had remained in officeuntil such del ivery. The bonds may be issued in couponor 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 alsoas to both principal and interest, for the reconversioninto coupon bonds of any bonds registered as to bothprincipal and interest, and for the interchauge of registered and coupon bonds. The authority may sel l suchbonds in such m a n ~ e r , either at public or private sale,and for such price, as it may determine will best effectthe purposes of this act.

'l'he proceeds of the bonds of each issue shall be usedsolely for the payment of the cost of the Mount Hopebl'idge and shall be disbursed in such mannel' and undersuch restrictions, if any, as the authority may providein the resolution authorizing the i ssuance of such bondsOr in the trust agreement, hereinafter- mentioned, securing the same. I f the proceeds of the bonds of any issue,error of estimates or otherwise, shall be less than such

l, additional bonds may in like manner be i ssued toide the an 0 t f .1 un 0 such defiCIt and unless other-prOVided i th . ' : . .n e resolution authonzlUo- the ISSU-8ucb bonds . h bOr lU t e trust ao-reement securing8ball b d b. e cemed to be of the same issue andlltled to payment from the same fund with-01" l l ' .or tb r lonty of the bonds first issued. I fe bonds of .any Issue shall exceed such

cost, the surplus shall be deposited t o t he c redi t of thesinking fund for such bonds.

Prior to the preparation of defiuitive bonds, theauthority may, under l ike restrictions, issue interim receipts or tempora ry bonds, with or without coupons,exchangeable for definitive bonds when such bouds shallhave been executed and a re available fOr delivery. Theauthority may also provide for the replacement of anybonds which shall become mutilated or shall be destroyed or lost. Bonds may be issued under the provis ions of thi s ac t without obtaining the consent of anydepartment, division, commission, board, bureau oragency of the s ta te , and without any other proceedingsor the happening of any other conditions or things thanthose proceedings, conditions or things which are specifically required by this act.

SEC. 10. Revemws. The authority is hereby authorized to fix, revise, charge and col lect tol ls for theuse of the Mount Hope bridge. Such tolls shall beso fixed and adjus ted as to provide a fund sufficientwith other revenues, if any, to pay (a ) the cost of maintaining, repairing and operatinvnch bridge and (b)the principal of and the interest on such bonds as thesame shall become due and payable, and to create reserves for such purposes. Except as otherwise providedsuch tolls shall no t be subject to supervision or regulat ion by any commission, board, bureau or agency of thestate or of any munic ipal ity or other political subdivision of the state. The tolls and all o ther revennes der ived f rom the bridge, excep t such part thereof as maybe necessary to pay such cost of maintenance, repairand operation and to provide such reserves therefor as

Same.

Revenues.


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may be provided for in the resolut ion authorizing theissuance of such bonds, or in the trust ag'reement secm'ing the same, shall be set aside at such regular intervalsas may be provided in such resolution or snch trustagreement in a sinking fund which is hereby pledged to,and charged with, the payment of the principal of andtbe interest on such bonds as the same shall become due,and the redemption price or the purchase price of bondsretired by call o r purchase as therein provided. Snchpledge shall be valid and binding from the t ime whenthe pledge is made; the tolls and other revenues orother moneys so pledged and thereafter received by theauthority shall immediately be subject to the lien ofsuch pledge without any physical delivery thereof orfurther act, and the lien of any such pledge shall bevalid and binding -as against all parties having claims

586 JANUARY S E S S I O ~ , 1954--CHAPTER 3391. JA:-


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Exemplionfrom Tallation.

Remedies.

587ANUARY SESSION} 19M-CHAPTER 3391.

SEC. 12. Remedies. Any holder of bonds issued under the provisions of this ac t or any of the couponsappertaining thereto, and the t rustee under the trustagreement, except to the extent the rights herein givenmay be restricted by such trust agreement, may, eitherat law or in equity, by suit, action, mandamus Or otherproceeding, protect and enforce any and al l rights underthe laws of the state or granted hereunder o r undersuch trust agreement or the resolution authorizing theissuance of such bouds, and may enforce and compel theperformance of a ll dut ie s r equi red by this act or bysuch trust agreement or resolut ion to be per formed bythe authority or by any officer thereof, including thefixing, charging and collecting of tolls.

authorizing the bonds or in the trust agreement securing such bonds , provide fo r the payment of the proceeds of the sale of the bonds and the revenues to berece ived to a trustee, which shall be any trust companyo r bank having the powers of a trust company withinor without the state, who shall ac t as trustee of thefunds, and hold and apply the same to t he pu rpo ses ofthis act, subject to such regulations as this ac t and suchresolution or trust agreement may provide.

SEC. 13. Exemption trom Taxation. ' l'be exerciseof the powers granted by this ac t shall be in al lrespects for tbe benefit of the people of tbe stateof Rbode Island, for the inc rease of their commerce,t ransportat ion and prosper ity and for the improvement of t be ir b ea lt b and living conditions, and asthe acquisition, operation and maintenance by theauthority of tbe Mount Hope bridge will constitutethe performance of essential gove, 'nmentu] functions,

JANUARY SESSION} 1954--CHAPTER 3391.86may be provided fo r in the resolut ion authorizing theissuance of such bonds, or in the trust agreement secUl'ing the same, shall be se t aside at such regular intervalsas may be provided in such resolution Or such trustagreement in a sinking fund which is hereby pledged to,and cbarged with, the payment of the principal of andthe interest on such bonds as the same shall become due,and the redemption price or the purchase price of bondsret ired by cal l or purchase as therein provided. Suchpledge shall be valid and binding from the time whenthe pledge is made; t he tolls a nd oth er revenues orother moneys so pledged and thereafter received by theauthority shall immediately be subject to t he li en ofsuch pledge without any physical delivery thereof orfurther act, and the lien of any such pledge shall bevalid and binding as against al l parties having claimsof any kind in tort, contract or otherwise aga inst theauthol'ity, irrespective of whether such 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 useand disposition of moneys to the credit of such sinkingfuud shall he subject to the provisions of the resolutionauthorizing the issuance of such bonds or of such trusteemeut. Except as may othe rwise be provided in

ell resolution or such trust agreement, such sinkinO'd ahall be f d "a un for al l such bonds without dis-on or priority of one over another.

Trust Fund All .. . s. moneys received pursu-provISIons of th i,. s act, whether as proceeds'" of bondsfu d Or as revenues, shall be deemeda:t 8 t ~ h b e held and applied solely as 'Pro . e aut] .lorlty Shall, in the resolution


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588 JANUAlIY SESSION, 1954--CHAPTER 3391.the authority shall not be required to pay any taxesor assessments upon such br idge '01' upon any property acquired or used by the authority under theprovisions of this act or upon the income from suchbridge, and the bonds issued under the provisions ofthis act , their t ransfer and the income therefrom (ineluding any profit made on the sale thereof) shall atan t imes be free from taxation within the state of RhodeIsland.

~ o ~ n l ~ v : ~ ~ ~ ~ e t . SEC. 14. Bonds Eligible to r InVes.t71tent. Bonds is-sued by the authority under the provisions of this actare hereby made securities in which an public officersand public bodies of the state' and it s political subdivisions, all insurance companies, trust companies,savings banks, banking associations, investment companies, executors, admin is tr ator s, t rustees and other

nue refunding bondof refunding any bon,have been issued undoeluding the payment ofon or any interest accredemption of such bo:the authority, for tbe aimprovements, extensioHope bridge in conneerefunded shall bave be,Ither authorized to p r o ~of it s revenue bonds frefunding any bonds lhbeen issued unde,' thelthe payment of any 1',any interest accruedredemption of such h,


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Annual reports.

Action of au_authority byresolution.

589ANUARY SESSION, 1954-CHAPTER 3391.

Within the first ninety (90) days of each fiscal yearof the authori ty , the authority shall make an annualreport to the governor of it s activities for the preceding

SEC. 17. Miscellaneous. Any action taken by theauthori ty under the provisions of this ac t may be authorized by resolution at any regular Or special meeting, and each such resolution shan take effect immediately and need no t be published or posted.

nue refunding bonds of the authori ty fo r the purposeof refunding any bonds then outstanding which shallhave been issued under the provisions of this act , including the payment of any redemption premium thereon or any interest accrued or to accrue to the date ofredemption of such bonds, and, i f deemed advisable bythe authority, for the additional purpose of constructingimprovements, extensions or enlargements of the MountHope bridge in connection with which the bonds to bel'efunded shall have been issued. The authori ty is further authorized to provide by resolution for the issuanceof it s revenue bonds for the combined purpose of (a )refunding any bonds then outstanding which shall havebeen issued under the provisions of this act, includingthe payment of any redemption p r e ~ i u m thereon andany interes t accrued on or to accrue to th e date ofredemption of such bonds, and (b) paying all or anypart of the cost of such improvements, extensions or enl argement s. The issuance of such bonds, the maturitiesand o ther details thereof, the rights of the holdersthereof, and the rights, duties and obligations of theauthority in respect of the same shall be governed bythe provisions of this ac t in so far as t he same may beapplicable.

eoell.," Ref di B. un ng onds. The authorityo"zed to nr 'd" 0"1 e for the issuance of reve-

JANUARY SESSION, 1954--CHAPTER 3391.

. 15. Negotiable Inst1"1!'nents. Notwithstandingor the foregoing provisions of this ac t or any recitals

bonds issued under the provisions of this ac t al ldB 8hall be deemed to be negotiable i n s t r u m ~ n tslaw. of this state.

SEC. 14. Bonds Eligible fa" Invt1&t1nent. Bonds issued bv tbe authority undel' the provisions of this ac tare he;eby made securities in which al l public officersand public bodies of the state and it s political subdivisions, all insurance companies, trust companies,sa"ings banks, banking associations, investment comjlanies, executors, administrators, trustees and otherfiduciaries may properly and legally invest funds, including capital in their control or belonging to them.Such bouds are hereby made securities which may properl)' and legally be deposited with and received by anystate 01" municipal officer or any agency or political subdh-ision of the state for any purpose f or which thedeposit of bonds or obligations is now or may hereafterbe authorized by law.

588the authority shall no t be required to pay any taxesor assessments upon such bridge Dr upon any property acquired or used by the authori ty under theprovisions of this ac t or upon the income from suchbridge, and t he bonds i ssued under tbe provisions oftbis act, their transfer and the income tberefrom (including any profit made on the sale thereof) shall atall times be free from taxation within the state of RhodeIsland.

tblement.


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Penally fornon-paymentof tolls.

Transferto State.

590 JANUARY SESSION, 1954--CHAPTER 3391.fiscal year. Each such report shal! se t forth a complete operating and financial statement covering it s operations dur ing 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 thecost thereof shall be treated as a part of the cost ofoperation.

Any person who uses the Mount Hope bridge andwilfully refuses to pay the tol l provided therefor shall~ pnnished by a fine of not more than one hundred dollars or by imprisonment for not more than thirty days,or both.

SEC. 18. Tmnsje.- to State. No tolls shall be chargedfor traffic over the.Mount Hope bridge after December31, 1969 and said bridge sball at that time become the

shall be held unrons'jurisdiction, the deeor impair any of the

SEC. 21. ElJeclil!flupon its passage.

AN ACT AUTIIORlZIXGISSUE SERIAL BONDSFOR E X T E ~ D I X G .A.XDSYSTEM IX SAID TOWX

I t is enacted by the G,


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590 JANUARY SESSION, 1954-CHAPTER 3391. JANUARY SESSION, 1954-CHAPTER 3392. 591fiscal year. Each such report shall se t forth a complete operating and financial statement covering it s operatiOIis 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 t hecost thereof shall be treated as a part of the cost ofoperation.Any person who uses the Mount Hope bridge and

\Vil fully refuses to pay the tol l provided therefor shallbe pnnished by a fine of no t more than one hundred dollars or by imprisonment for no t more than thirty days,01' both.

SEC. 18. Tntnsfer to State. No tolls shall be chargedfor traffic over the.Mount Hope bridge after December31, 1969 and said bridge shall at that time become thepropert)' of the state, free and clear of al l encumbrancesand thereupon the authority shalJ be dissolved.

ilBc. 19. Appmpriation. To provide for the prelim.expenses of the anthority in carrying ou t the proof this act, the sum of ten thousand dollars is

a p P ~ O I ) r i a t e d , ont of any money in the treasury"180 appropriated; and the state controlJer istborized and directed to draw his orders upontreasurer for the payment of such sum or 80I as b' 'may e reqll1red from time to timeby b' ,lin of propel' vouchers, which sum or

11 be reimbursed by the nuthority to theprOceeds of any revenue bonds whicher tbe provisions of this act.

tio1l010ollstnLct'o".' The p rovisionsble, and if any of it s prOvisions

shall be held unconstitutional by any court of competentjurisdiction, the decision of such court shall no t affector impair any of the remaining provisions.

SEC. 21. Effective Date. This ac t sha ll t ake effectupon it s passage.

CHAPTER 3392.AN ACT AUTHORIZING THE TOWN OF EAST PROVIDENCE TOISSUE SERIAL BONDS IN AMOUNT NOT EXCEEDING $50,000

FOR EXTENDING AND IMPROVING THE WATER SUPPLYSYSTEM IX SAID TOWN.

It is enacted by the General Assembly as follows:SECTION 1. The town of East Providence is hereby

authorized and empowered, in addition to authoritypreviously gran ted, to issue f rom time to time no t laterthan December 31, 1959 under it s corporate name andseal, water snpply system bonds i n s er ia l form to anllmount no t exceeding $50,000 in addition to the bondsheretofore i ssued by said town llnd now outstanding.Said bonds shall be of the denominat ion of 1,000 each,shall bear interest at a rate not exceeding 4lf2 percentum per annum payable semiannually, the principalthereof and interes t thereon shall be payable in anycoin 01 ' cnrrency of the United states of America whichat the time of payment is legal tender for pnblic andprivate debts, and the debts secured by said bonds shallbe obligatory on said town in . the same manner and tothe same extent as other debts lawfully contracted bysaid town. The dates of maturity of said bonds shall

Acteffedive,"hen.

H 70SApprovedApri119,1954.

Bonds au-thorized.

Documents

1954 RI General Assembly Chapter 3391