Rhode Island General Laws Title 45. Towns and Cities § 45-33.3-3. Bonds

(a) Any housing authority or redevelopment agency has power to issue bonds from time to time in its discretion for the purpose of funding any loan made under this chapter, or for the purpose of refunding, paying, or retiring bonds previously issued by it for that purpose.

(b) The bonds may be unsecured or secured by an assignment of the loan or any rights thereunder, by a pledge of any income or revenue of the authority or the agency received on account of loan, by a mortgage on or security interest in the lower income housing project financed by it, by letters of credit, lines of credit or other credit instruments, or by any combination of the preceding as the authority or agency determines in its discretion.

(c) The bonds of the authority or the agency are authorized by its resolution, may be issued in one or more series, and shall be dated, mature at a time or times, bear interest at a rate or rates, payable at a time or times, be in a form, be subject to terms of redemption, tender, or repurchase and bear any other terms and conditions as the resolution, or any trust indenture, mortgage, or other contract, providing for their issuance or securing the bonds, may provide.

(d) The bonds may be sold by the housing authority or redevelopment agency at public or private sale at a price or prices that the authority or agency determines.

(e) Except to the extent inconsistent with any provision of this chapter, the issue of bonds pursuant to this chapter and their details, the rights of their holders and the rights, duties, and obligations of the authority or agency in respect of the bonds are governed by the provisions of chapters 27 and 33 of this title insofar as those provisions may be applicable.