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Financing Facilities for a Better Future

Legislation and Bylaws

Enabling Legislation

45-38.1-1 Declaration of policy. – It is declared that for the benefit of the people of the state of Rhode Island and Providence Plantations, the increase of their commerce, welfare, and prosperity and the improvement of their health and living conditions, it is essential that this and future generations of youth be given the fullest opportunity to learn and to develop their intellectual and mental capacities; that it is essential that institutions for higher education within the state be provided with appropriate additional means to assist youth in achieving the required levels of learning and development of their intellectual and mental capacities; that it is essential that health care providers within the state be provided with appropriate additional facilities; and that it is the purpose of this chapter to provide a measure of assistance and an alternative method to enable institutions for higher education in the state and health care providers to provide the facilities and structures which are sorely needed to accomplish the purposes of this chapter, and to provide a measure of assistance and an alternative method to enable students and the families of students attending institutions for higher education in the state to finance the cost or a portion of the cost of that higher education, all to the public benefit and good, to the extent and manner provided in this chapter.It is further declared that the exercise by the Rhode Island health and educational building corporation, created and established under § 45-38.1-4, of the powers conferred on the corporation, under this chapter, will constitute the performance of an essential governmental function.

Corporation Bylaws

Article I

These By-Laws, the powers of the Rhode Island Health and Educational Building Corporation (the “corporation”) and of its directors, and all matters concerning the conduct and regulation of the business of the corporation shall be subject to such provisions in regard thereto as are set forth in the “Rhode Island Educational Building Corporation Act,” adapted by the General Assembly of the State of Rhode Island as Public Laws, 1967, Chapter 56, as amended, and as such Act may be amended from time to time (hereinafter as such Act may be amended from time to time by the General Assembly called “the Act”).

Article II

Section 1. Principal Office

The principal office of the corporation shall be at such place as the Board of Directors of the corporation may designate.

Article III

Board of Directors

Section 1: Directors and Their Powers

The Board of Directors shall have and may exercise all the powers of the corporation. The Board of Directors shall be appointed as provided in Section 4 of the Act.