Title 45, Title 45 and Cities

All project revenues received pursuant to the provisions of this chapter which have been pledged as security, including, without limiting the generality of the preceding, security for the repayment of bonds issued pursuant to § 45-33.2-6, are deemed to be trust funds to be held a…

Any holder of bonds or notes issued under this chapter, or of any of the coupons appertaining to those bonds and notes, and the trustee under any trust agreement securing the bonds or notes, except to the extent the rights herein given may be restricted by any agreement securing …

Bonds and notes issued under the provisions of this chapter are securities in which all public officers and public bodies of the state and its political subdivisions, all insurance companies, trust companies in their commercial departments, savings banks, cooperative banks, banki…

Notwithstanding any of the provisions of this chapter or any recitals in any bond or notes issued under this chapter, all bonds and notes are deemed to be investment securities under the Uniform Commercial Code, §§ 6A-1-101 — 6A-9-507.

The bonds and notes issued under this chapter, their transfer and their income, including any profit made on their sale, are at all times free from taxation within the state.

No later than September 1 of each year a project plan pursuant to this chapter is in effect in a city or town, the city or town shall make a report to the director of the department of economic development. The annual report shall review for the preceding fiscal year the activiti…

The preceding provisions of this chapter are deemed to provide an additional and alternative means for the doing of things authorized by it, and are regarded as supplemental and additional to, and not in derogation of, powers conferred upon cities and towns by other laws.

It is found and declared that for the public health, safety, morals, and welfare of the people of the state generally, the increase of their commerce, welfare, and prosperity and the improvement of their housing, employment and educational opportunities and general living conditi…

The provisions of this chapter are severable, and if any provision thereof shall be held invalid in any circumstances, invalidity shall not affect any other provisions or circumstances. This chapter shall be construed in all respects so as to meet all constitutional requirements.…

(a) Except as provided below, a tax increment shall be included in the calculation of the maximum tax a city or town may levy pursuant to the provisions of § 44-5-2. (b) To the extent that inclusion of a tax increment in a tax levy causes a municipality to exceed the maximum tax …

Section 45-33.2-3.1 and §§ 45-33.2-22 through 45-33.2-28 are intended to modernize the laws of the state governing tax increment financing to facilitate economic development in the state. Section 45-33.2-3.1 and §§ 45-33.2-22 through 45-33.2-28 shall be construed to provide a com…

(a) A city or town council may establish a tax increment district located wholly within the boundaries of such city or town in accordance with the requirements of § 45-33.2-3.1 and §§ 45-33.2-22 through 45-33.2-28. Establishment of a tax increment district is effective upon appro…

Prior to the establishment of a tax increment district and approval of a tax increment district master plan for such tax increment district, a city or town council shall: (1) Find that the proposed tax increment district and tax increment district master plan will contribute to t…

(a) In connection with the establishment of a tax increment district, a city or town council shall adopt a tax increment district master plan for each tax increment district and a statement of the percentage or stated sum of increased assessed value to be designated as captured a…

(a) In the tax increment district master plan, a city or town may designate all or part of the tax increment revenues generated from the increased assessed value of a tax increment district for the purpose of financing all or part of the tax increment district master plan. The am…

Costs authorized for payment from a tax increment district master plan fund established pursuant to § 45-33.2-27 are limited to: (1) Costs of improvements made within the tax increment district, including, but not limited to: (i) Capital costs, including, but not limited to: (A) …

The state pledges to and agrees with any person, firm, or corporation, or federal agency subscribing to or acquiring the bonds to be issued under this chapter, that the state will not limit or alter the rights vested in the authority until all bonds at any time issued, together w…

As used in §§ 45-33.2-3 through 45-33.2-21 in this chapter, excepting § 45-33.2-3.1, or as otherwise specified with respect to other sections, unless a different meaning clearly appears from the context, the following words have the following meanings: (1) “Base date” means the l…

As used in §§ 45-33.2-22 through 45-33.2-28, or as otherwise specified, unless the context otherwise requires: (1) “Betterment assessment” means a special charge that is permitted where real property within a limited and determinable area receives a special benefit or advantage, …

The legislative body of any city or town may adopt a project plan if a finding is made to the effect that: (1) With respect to any portion of the project: (i) providing municipal or other public facilities or land therefor, under the definition of “project” under § 45-33.2-3(3)(i…

Cities and towns are authorized to undertake projects pursuant to duly adopted project plans and tax increment district master plans, as defined in § 45-33.2-3.1(13). In addition to powers granted under this section or by any other law, for the purposes of carrying out a project …

(a) A city or town may, in compliance with any applicable provisions of the general laws (except as provided in this section) borrow money by the issue of special obligation bonds for the purpose of carrying out a project pursuant to a duly adopted project plan or tax increment d…

(a) In the discretion of the officers authorized to sell the bonds, but subject to the provisions of the vote authorizing the bonds, bonds issued under this chapter may be secured by one or more trust agreements between the city or town and a corporate trustee or trustees, which …

(a) Notwithstanding any provision of any other law, including the Uniform Commercial Code, §§ 6A-1-101 — 6A-9-507: (1) Any pledge under this chapter is valid and binding, and deemed continuously perfected from the time it is made; (2) No filing need be made under the Uniform Comm…

In anticipation of the issue of bonds under this chapter, and subject to any provisions of the vote authorizing the bonds, the officers authorized to sell the bonds may, without further authorization, issue temporary notes. The notes may be secured as in the case of bonds and, ex…