Rhode Island General Laws Title 35. Public Finance § 35-8.1-2. Legislative findings

(1) State issued its general obligation bonds dated May 1, 1984, in the aggregate principal amount of thirty million dollars ($30,000,000) pursuant to statutory authorities approved by the electorate of the state, and the state issued its general obligation bonds dated June 28, 1985, in the aggregate principal amount of ninety million dollars ($90,000,000) pursuant to statutory authorities approved by the electorate of the state;

(2) 1984 and 1985 bonds bear interest at a rate in excess of current interest rates and the general assembly has determined that it would be in the best interests of the people of the state to obtain funds to pay, redeem, or retire the 1984 and 1985 bonds with bonds bearing a lower rate of interest;

(3) Statutory authorities previously approved do not provide authorization for the issuance of general obligation refunding bonds of the state; and

(4) General assembly desires to create an authority with the power to issue bonds to provide funds to loan to the state so that the state can pay, redeem, or retire the 1984 and 1985 bonds.

(5) Furthermore, the general assembly desires to consolidate debt issuing authorities and create administrative savings as a result of such consolidations. To accomplish this desire, on July 1, 1997, the public building authority shall be eliminated as an entity and its functions, powers, rights, duties and liabilities shall be transferred to the authority pursuant to the provisions of this chapter.