2025 -- H 5985
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LC002189
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S T A T E O F R H O D E I S L A N D
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2025
____________
A N A C T
RELATING TO HEALTH AND SAFETY -- THE RHODE ISLAND LIFE SCIENCE HUB
ACT
Introduced By: Representatives Solomon, Hull, Casey, Casimiro, and Shanley
Date Introduced: February 28, 2025
Referred To: House Finance
It is enacted by the General Assembly as follows:
SECTION 1. Sections 23-99-3, 23-99-4, 23-99-5 and 23-99-6 of the General Laws in 1
Chapter 23-99 entitled "The Rhode Island Life Science Hub Act" are hereby amended to read as 2
follows: 3
23-99-3. Definitions. 4
As used in this chapter, the following words shall have the following meanings: 5
(1) “Affiliate” means any person or company who or that directly or indirectly controls or 6
is controlled by or is under direct or indirect common control of another company or person 7
including, but not limited to, any company that is merged or consolidated, or that purchases all or 8
substantially all of the assets of another company. 9
(2) “Board” means the board of directors of the hub. 10
(3) “Certification proposal” means a written proposal submitted by a life science company 11
for approval as a certified life sciences company. 12
(4) “Certified life sciences company” means a life science company that has been certified 13
by the board as being eligible to receive grants and incentives from the investment fund. 14
(5) “Commerce corporation” means the Rhode Island commerce corporation, established 15
pursuant to § 42-64-1 et seq. 16
(6) “Company” means a business corporation, partnership, firm, unincorporated 17
association, or other entity engaged or proposing to engage in economic activity within the state, 18
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and any affiliate thereof. 1
(7) “Hub” means the Rhode Island life science hub established by § 23-99-4. 2
(8) “Investment fund” means the hub investment fund established by § 23-99-6. 3
(9) “Life science” means and shall include, but not be limited to, the science of: medical 4
devices, biomedical technology, medical therapeutic therapies, biogenetics, biomedical 5
engineering, biopharmaceuticals, genomics, biomanufacturing, cell and gene therapies, health 6
software and artificial intelligence, genomics, diagnostics, digital health, marine science, 7
agricultural science, veterinary science and related fields the broader life sciences to foster the 8
development of cutting-edge medical breakthroughs. 9
(10) “Life science company” means a company engaged in life science research, 10
development, manufacturing, incubation, or commercialization in Rhode Island, and any affiliate 11
thereof. 12
(11) “Life sciences industry” means the fields of medical devices, biomedical technology, 13
medical therapeutic therapies, biogenetics, biomedical engineering, biopharmaceuticals, genomics, 14
biomanufacturing, diagnostics, digital health, and related fields. 15
(12) “Person” means a natural person, company, or other legal entity. 16
(13) "Revenue" means receipts, fees, rentals or other payments or income received or to be 17
received by the hub in the exercise of its corporate powers under this chapter including, but not 18
limited to, income on account of the leasing, mortgaging, sale or other disposition of property or 19
proceeds of a loan made by the hub, and amounts in reserves or held in other funds or accounts 20
established in connection with the issuance of bonds or notes and the proceeds of any investments 21
thereof, proceeds of foreclosure and other fees, charges or other income received or receivable by 22
the hub. 23
(13)(14) “State” means the state of Rhode Island. 24
(15) "State public body" means the state, or any city or town or any other subdivision or 25
public body of the state or of any city or town. 26
(14)(16) “Venture” means, without limitation, any contractual arrangement with any 27
person whereby the corporation obtains rights from or in an invention or product or proceeds 28
therefrom, or rights to obtain from any person any and all forms of equity instruments including, 29
but not limited to, common and preferred stock, warrants, options, convertible debentures, and 30
similar types of instruments exercisable or convertible into capital stock, in exchange for the 31
granting of financial aid to such person. 32
23-99-4. Rhode Island life science hub established. 33
(a) There is hereby constituted as an independent public a public corporation for the 34
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purposes set forth in this chapter with a separate legal existence from the state to be known as the 1
Rhode Island life science hub hereinafter to be referred to as the “hub”. The exercise by the hub of 2
the powers conferred by this chapter shall be considered to be the performance of an essential 3
governmental function and the hub shall be considered a "constituted authority" of the state acting 4
on behalf of the state for federal tax purposes. 5
(b) The hub shall be governed and its corporate powers exercised by a board of directors 6
consisting of fifteen (15) sixteen (16) directors: seven (7) fifteen (15) of whom shall be appointed 7
by the governor, and one of whom shall be the person the board hires from time to time as president 8
and chief executive officer of the hub. The president and chief executive officer of the hub shall 9
serve ex officio and, except as otherwise provided in § 23-99-4(k), shall not be a voting member of 10
the board of directors. The fifteen (15) directors appointed by the governor shall consist of seven 11
(7) public directors and eight (8) institutional directors. The seven (7) public directors shall have 12
the following qualifications: one of whom shall be a senior executive with extensive background 13
in the banking, grant making, and or fundraising fields, or his or her designee; one of whom shall 14
be a member of a life science trade association, or his or her designee,; one of whom shall be the 15
president or a senior executive of a Rhode Island based life science company, or his or her 16
designee,; two (2) of whom shall be senior executives of Rhode Island based life science companies 17
specializing in biomanufacturing, or his or her designees,; one of whom shall be a representative 18
of organized labor, or his or her designee,; and one of whom shall be a member of the public who 19
shall be a certified public accountant and a member of the Rhode Island society of certified public 20
accountants, or his or her designee; one of whom shall be the secretary of commerce; three (3) of 21
whom shall be the president of Rhode Island college, ex officio, or his or her designee, the president 22
of the university of Rhode Island, ex officio, or his or her designee, and the president of Brown 23
university, ex officio, or his or her designee; one of whom shall be the dean of the Warren Alpert 24
Medical School of Brown university, ex officio, or his or her designee; one of whom shall be the 25
president and chief executive officer of the Lifespan Corporation Brown university health, ex 26
officio, or his or her designee; one of whom shall be the president and chief executive officer of 27
Care New England Health System, ex officio, or his or her designee; and one of whom shall be an 28
ex officio director who shall also be the director of economic development for the city of 29
Providence, ex officio, or his or her designee. To the extent that an institution takes on a new legal 30
name, the institutional director shall continue to serve as an institutional director without the need 31
for reappointment. To the extent that an institution merges, converts, consolidates with, or sells or 32
transfers all or substantially all of its assets to another company and such company retains its 33
primary operations in the state, the chief executive officer of such company shall be qualified for 34
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appointment as an institutional director in accordance with this section. 1
(c) The chair of the board shall be appointed by the governor, with the advice and consent 2
of the senate, and shall be an individual who served in the capacity as a senior executive with 3
extensive background in the banking, grant making, and or fundraising fields. The vice-chair of the 4
board shall be the secretary of commerce. All directors, including ex officio directors, shall be 5
voting members of the board of directors, except for the director serving as president and chief 6
executive officer of the hub, who shall not be a voting member of the board. Eight (8) voting 7
directors shall constitute a quorum, and any action to be taken by the board under the provisions of 8
this chapter may be authorized by resolution approved by a majority of the directors present and 9
entitled to vote at any regular or special meeting at which a quorum is present. No votes on the 10
certification of any life science company nor on the allocation or award of any investment fund 11
resources to any certified life science company shall be taken unless the chair is present and voting. 12
A vacancy in the membership of the board of directors shall not impair the right of a quorum to 13
exercise all of the rights and perform all of the duties of the board. Pursuant to § 42-46-5(b)(6), 14
board directors are authorized to participate remotely using videoconferencing technology in open 15
public meetings of the board; provided, however, that: 16
(1) The remote director(s) and all persons present at the meeting location are clearly audible 17
and visible to each other; 18
(2) A quorum of the body is participating, either in person or by the use of remote 19
videoconferencing technology; 20
(3) A member of the board voting director who participates in a meeting of the board 21
remotely shall be considered present for purposes of a quorum and voting; 22
(4) If videoconferencing is used to conduct a meeting, the public notice for the meeting 23
shall inform the public that videoconferencing will be used and include instructions on how the 24
public can access the virtual meeting; and 25
(5) The board shall adopt rules defining the requirements of remote participation including 26
its use for executive session, and the conditions by which a director is authorized to participate 27
remotely. 28
(d) Each board member public director shall serve a an initial term of four (4) years. At the 29
expiration of the initial terms of public directors in January 2028, the governor shall appoint two 30
(2) directors for a term of four (4) years, two (2) directors for a term of three (3) years, two (2) 31
directors for a term of two (2) years, and one director for a term of one year. Thereafter, the 32
governor shall appoint a new public director or directors to succeed the public director or directors 33
whose terms then next expire, to serve a term of four (4) years. The president and chief executive 34
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officer shall have a board term coextensive with such person's employment contract with the hub. 1
In the event that the chair of the board position becomes vacant for any reason, or the chair is not 2
able to perform the duties of that position for any reason, the vice chair shall serve as the interim 3
chair until the chair is able to resume the chair’s duties; provided, however, in the event that the 4
chair is not able to resume the chair’s duties in that position, the governor shall appoint a new chair 5
and, in making this appointment, the governor shall give due consideration to appointing an 6
individual from a list of six (6) candidates, three (3) of whom shall be provided to the governor by 7
the speaker of the house and three (3) of whom shall be provided to the governor by the president 8
of the senate. Any person appointed to fill a vacancy in the office of an appointed a public director 9
of the board shall be appointed in a like manner and shall serve for the unexpired term of such 10
public director. Any director shall be eligible for reappointment. 11
(e) The public director of the board who is a member of the public and who is a certified 12
public accountant and a member of the Rhode Island society of certified public accountants shall 13
serve as treasurer and shall be charged with keeping the funds, books of account, and accounting 14
records of the hub. No grants, tax credits, loans or other financing, or incentives shall be issued by 15
the hub to any certified life science company without the approval of the board and the signature 16
of the treasurer. The board shall annually elect a secretary who shall keep a record of the 17
proceedings of the board and shall be custodian of all books, documents, and papers. 18
(f) Board directors, other than the director who serves as the president and chief executive 19
officer of the hub, shall serve without compensation, but each director shall be entitled to 20
reimbursement for actual, reasonable, and necessary expenses while engaged in the performance 21
of official duties. Board directors, officers, and employees shall not be liable to the state, the hub, 22
or to any other person as a result of their activities except for malfeasance in office or intentional 23
violations of law. 24
(g) The board shall establish an application review committee consisting of not less than 25
three (3) directors of the board, which shall review certification proposals submitted by life sciences 26
companies that shall be supported by independently verifiable information, and the board shall 27
make a record of findings based on the certification proposal, documents submitted therewith, and 28
any additional evidence that the life science company meets all criteria that the hub may prescribe. 29
(h) Certified life science companies shall be eligible to receive funding from the hub, upon 30
a majority vote of the board, for the following benefits which shall be awarded by the board on a 31
competitive basis: 32
(1) Grants, loans, or other investments; 33
(2) Assistance from the hub in obtaining federal, state, and nonprofit monies; or 34
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(3) Assistance from the hub in facilitating clinical trials. 1
(i) Notwithstanding any other provisions of law in relation to their tenure of office, the 2
governor may remove any board director, including institutional directors, for the neglect of any 3
duty required by law, incompetence, unprofessional conduct, or willful misconduct. If an 4
institutional director is so removed, such institutional director's designee shall serve on the board 5
in his or her place for the remainder of his or her term. 6
(j) Each director shall make full disclosure, in accordance with §§ 36-14-1 — 36-14-7, of 7
any financial interest, if any, in any matter before the board. Such interest must be disclosed in 8
advance to the directors of the board, recorded in the minutes of the board, and the director having 9
such an interest shall recuse themselves and shall not participate in any decision of the board 10
relating to such interest. 11
(k) With the advice and consent of the senate, the board shall have the power to hire a 12
president, who shall also serve as the chief executive officer of the hub and who shall be a non-13
voting member of the board of directors, but who shall be entitled to vote as a member of any 14
advisory committee to which the president/chief executive officer is appointed. The board also shall 15
have the power to establish compensation and conditions of employment for the president and chief 16
executive officer; provided, further, the board shall have the power to hire other employees and 17
establish compensation and conditions of employment for such employees. 18
(l) The commerce corporation shall provide operating quarters for the hub for, at a 19
minimum, the first year of the hub’s operation. 20
(m) In addition to the application review committee, the board may establish one or more 21
advisory committees, each consisting of not less than three (3) and not more than seven (7) 22
directors, which may also include persons who are not directors, which committees shall support 23
the board on science, technology and other matters. Such advisory committees shall keep records 24
of their findings and recommendations. 25
(n) The hub shall continue as long as it shall have bonds outstanding and until its existence 26
is terminated by law. Upon the termination of the existence of the hub, all right, title and interest in 27
and to all of its assets and all of its obligations, duties, covenants, agreements and obligations shall 28
vest in and be possessed, performed and assumed by the state and no part of the earnings of the hub 29
shall inure to the benefit of any private person. 30
23-99-5. Hub powers. 31
The hub shall have the following powers and all powers necessary to carry out and 32
effectuate its purposes, including, without limitation, all powers necessary for the performance of 33
the following: 34
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(1) To have perpetual succession as a public corporate body and agency of the state and to 1
adopt bylaws, rules, regulations, and procedures for its governance and conduct of its business; 2
(2) To act as the central entity and coordinating organization of life sciences initiatives on 3
behalf of the state and to work in collaboration with governmental entities, persons, companies, 4
state public bodies, centers, hubs, academic institutions, healthcare systems and facilities to 5
promote life sciences such initiatives; 6
(3) To engage accountants, architects, attorneys, engineers, planners, real estate experts, 7
and other consultants as may be necessary in its judgment to carry out the purposes of this chapter; 8
(4) To obtain insurance coverage including, but not limited to, director and officer 9
insurance for board directors, officers, and employees in order to indemnify said persons against 10
the claims of others; 11
(5) To administer the investment fund in accordance with § 23-99-6, and such other funds 12
and accounts as the hub may establish from time to time, for the purposes of making appropriations, 13
allocations, investments, grants, research and other funding, or loans; 14
(6) To apply for and accept revenues including, but not limited to, contributions of any 15
source of money, property, labor, or any other things of value, and to invest, disburse, appropriate, 16
grant, loan, or allocate any funds to the purposes of this chapter including, but not limited to, for 17
the purpose of investing in any life science initiative; 18
(7) To create access to capital, funding, and business attraction, retention and support 19
programs and to enter into all contracts and agreements necessary or convenient thereto; 20
(8) To enter into venture agreements with persons, upon such terms and on such conditions 21
as are consistent with the purposes of this chapter, for the advancement of financial aid to such 22
persons for the research, development, and application of specific technologies, products, 23
procedures, services, and techniques, to be developed and produced in this state, and to condition 24
such agreements upon contractual assurances that the benefits of increasing or maintaining 25
employment and tax revenues shall remain in this state and shall accrue to it; 26
(9) To enter into contracts and agreements, whether governmental or proprietary, to further 27
scientific research in the state, aid in the promotion of the health of residents, foster life sciences 28
jobs in the life sciences, and promote overall economic growth in the field of life sciences industry 29
and to carry out the purposes of this chapter, and all such contracts and agreements of the hub 30
entered into under the authority of this chapter are authorized to have a term not to exceed twenty 31
(20) years; and 32
(10) To borrow money and to issue and refund bonds, notes, and any other obligations, and 33
apply the proceeds thereof for any of its corporate purposes as provided in this chapter, which 34
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bonds, notes, or other obligations may be issued at fixed or variable rates, with a maximum maturity 1
of thirty (30) years and which bonds, notes and obligations of the hub, shall be subject to the 2
provisions of chapter 18 of title 35 (“Rhode Island public corporation debt management”). to the 3
extent that such bonds, notes, or other obligations finance "essential public facilities" or are secured 4
by a "financing lease" or "guarantee" of the state, as such terms are defined in the Rhode Island 5
public corporation debt management act; 6
(11) In connection with the issuance of bonds and notes, to enter into indentures, trust 7
agreements, credit facilities, liquidity facilities or other agreements providing for: 8
(i) A mortgage, pledge or assignment of, or security interest in, any property of the hub, 9
including, but not limited to, hub revenues, funds and accounts; and 10
(ii) Any additional covenants and provisions, including, without limiting the generality of 11
the foregoing, provisions defining defaults and providing for remedies in the event thereof, that are 12
deemed desirable or necessary by the hub for the security of the holders of the bonds and notes; 13
(12) To have a seal, which may be altered at pleasure and to use the seal by causing it, or 14
a facsimile of the seal, to be impressed or affixed, or in any other manner reproduced; 15
(13) To sue and be sued, to prosecute and defend actions relating to its properties and 16
affairs, and to be liable in tort in the same manner as a private person; provided, however, that the 17
hub is not authorized to become a debtor under the United States Bankruptcy Code or receivership 18
laws of the state; 19
(14) To acquire real and personal property, or any interest in real or personal property, by 20
gift, purchase, transfer, foreclosure, lease, or otherwise including rights or easements; to hold, sell, 21
assign, lease, encumber, mortgage, grant or otherwise dispose of any real or personal property, or 22
any interest therein, or mortgage any interest owned by it or under its control, custody or in its 23
possession; to improve, maintain, equip and furnish such real or personal property or such interest; 24
to release, relinquish or forgive, any right, title, claim, lien, interest, easement or demand however 25
acquired, including any equity or right of redemption in property foreclosed by it; to take 26
assignments of leases and rentals, proceed with foreclosure actions, or take any other actions in 27
furtherance of, or necessary or convenient to the performance of its corporate powers and purposes; 28
(15) To invest any funds held in reserves or sinking funds, or the hub investment fund, or 29
any funds not required for immediate disbursement, in such investments as the state investment 30
commission is authorized to invest pursuant to chapter 10 of title 35; 31
(16) To appear on its own behalf before boards, commissions, departments or other 32
agencies of municipal, state or federal government; 33
(17) To establish and collect such rents, fees and charges as the hub without further 34
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appropriation shall determine to be reasonable; and to receive and apply revenues from rents, fees 1
and charges to the purposes of the hub or allotment by the state or any political subdivision thereof; 2
(18) To prepare, publish and distribute, with or without charge, as the hub may determine, 3
such studies, reports and bulletins and other material as the hub deems appropriate; 4
(19) To lease or sell any property to, or purchase any property from, a state public body. 5
Any lease by the hub to a state public body may be for a period, upon terms and conditions, with 6
or without an option to purchase, that the hub may determine. In connection with any such lease, 7
sale or purchase: 8
(i) The provisions of any charter, other laws, general, special, or local, ordinances or of any 9
rule or regulation of any state public body, restricting or regulating in any manner the power of any 10
state public body to lease (as lessee or lessor) or sell property, real, personal, or mixed, shall not 11
apply to leases and sales made with the hub pursuant to this chapter; and 12
(ii) Any municipality, notwithstanding any contrary provision of any charter, other laws or 13
ordinances, general, special or local, or of any rule or regulations of the state or any municipality, 14
is authorized and empowered to lease, lend, pledge, grant, or convey to the hub, at its request, upon 15
terms and conditions that the chief executive officer of the municipality, if any, or where no chief 16
executive officer exists, the city or town council of the municipality, may deem reasonable and fair 17
and without the necessity for any advertisement, order of court, or other action or formality, any 18
real property or personal property which may be necessary or convenient to the effectuation of the 19
authorized purpose of the hub, including public roads and other real property already devoted to 20
public use; and, subject to what has been stated, the municipality consents to the use of all lands 21
owned by the municipality which are deemed by the hub to be necessary or convenient for its 22
purposes; 23
(20) To organize and operate venture capital funds to provide capital to early-stage life 24
science companies in the state in exchange for equity and pro rate distributions of net profits, which 25
venture capital funds may be structured as general partnerships and/or limited partnerships with the 26
hub as a general and/or limited partner, and limited liability companies, with the hub as a member 27
or manger; provided that, no state funds appropriated to the hub, and no net profits received on 28
such state funds, may be paid to any for-profit company or person investing in such venture capital 29
funds; 30
(21) To contract for the acquisition of any of its properties by the federal government; and 31
to contract with any state, federal, or municipal agencies for the performance of any services 32
essential or convenient to its purposes under this chapter; 33
(22) To create, empower or otherwise establish one or more nonprofit corporations for the 34
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purpose of receiving charitable contributions for the benefit of the hub supporting the hub's 1
corporate purposes and lessening the burdens of government, and whose organizational documents 2
shall: 3
(i) Include a conflict of interest policy; and 4
(ii) Provide that, upon termination of such nonprofit corporation's existence, all right, title 5
and interest in and to all such nonprofit corporation's assets shall vest in the hub, in another 6
nonprofit corporation, or in the state; and 7
(23) To take any actions necessary or convenient to the exercise of any power or the 8
discharge of any duty provided for by this act. 9
23-99-6. Hub investment fund. 10
(a) There shall be established and placed within the hub, a fund or funds to be known as 11
the Rhode Island life science investment fund, hereinafter referred to as the “fund”, to be held by 12
the hub to finance the operations and initiatives of the hub. The investment fund shall be credited 13
any appropriations, bond proceeds, federal grants, or loans, or other such additional funds as are 14
subject to the direction and control of the hub, which may properly be applied in furtherance of the 15
objectives of the hub. 16
(b) The investment fund shall be held and applied by the hub to make qualified investments, 17
grants, research and other funding, and or loans designed to advance public purposes for the field 18
of life science industry in the state and shall use the fund for such purposes. 19
(c) The state shall not be liable for the payment of the principal of, or interest on, any bonds 20
or notes of the hub, or for the performance of any pledge, mortgage, obligation, or agreement of 21
any kind whatsoever that may be undertaken by the hub, and none of the bonds or notes of the hub 22
nor any of its agreements or obligations shall be construed to constitute an indebtedness of the state. 23
Payments related to any transaction involving, or investment by, the hub shall be payable solely 24
from the fund assets, property or revenues of the hub. 25
(d) All monies received by the hub pursuant to the authority of this chapter, whether as 26
proceeds from the sale of bonds or as revenues, are deemed to be trust funds to be held and applied 27
solely as provided in this chapter. Any officer with whom, or any bank or trust company with 28
which, the monies are deposited, shall act as trustee of the monies and shall hold and apply the 29
monies for the purposes of this chapter, subject to regulations as this chapter and the resolution 30
authorizing the bonds of any issue or the trust agreement securing the bonds may provide. 31
(d)(e) The board shall promulgate rules, regulations, or guidelines necessary to carry out 32
the provisions of this section. 33
SECTION 2. Chapter 23-99 of the General Laws entitled "The Rhode Island Life Science 34
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Hub Act" is hereby amended by adding thereto the following sections: 1
23-99-10. Exemption from taxation. 2
(a) The exercise of the powers granted by this chapter shall be, in all respects, for the benefit 3
of the people of this state, the increase of their commerce, welfare, and prosperity and for the 4
improvement of their health and living conditions and will constitute the performance of an 5
essential governmental function and the hub shall not be required to pay any taxes or assessments 6
upon or in respect of any property or monies of the hub, levied by any municipality or political 7
subdivision of the state; 8
(b) The hub shall not be required to pay state taxes of any kind, and the hub, its property 9
and monies and, except for estate, inheritance, and gift taxes, any bonds or notes issued under the 10
provisions of this chapter and the income (including gain from sale or exchange) from these shall 11
at all times be free from taxation of every kind by the state and by the municipalities and all political 12
subdivisions of the state. The hub shall not be required to pay any transfer tax of any kind on 13
account of instruments recorded by it or on its behalf. 14
23-99-11. Agreement of the state. 15
The state does pledge to and agree with the holders of any bonds or notes issued under this 16
chapter that the state will not limit or alter the rights vested in the Rhode Island life science hub to 17
fulfill the terms of any agreements made with the holders until the bonds or notes, together with 18
the interest on these bonds and notes, with interest on any unpaid installments of interest, and all 19
costs and expenses in connection with any action or proceeding by or on behalf of the holders, are 20
fully met and discharged. The hub is authorized to include this pledge and agreement of the state 21
in any agreement with the holders of the bonds or notes. 22
23-99-12. Bonds eligible for investment. 23
The notes and bonds of the hub shall be legal investments in which all public officers and 24
public bodies of this state, its political subdivisions, all municipalities and municipal subdivisions, 25
all insurance companies and associations and other persons carrying on an insurance business, all 26
banks, bankers, banking institutions including savings and loan associations, building and loan 27
associations, trust companies, savings banks and savings associations, investment companies and 28
other persons carrying on a banking business, all administrators, guardians, executors, trustees, and 29
other fiduciaries, and all other persons who are now or may hereafter be authorized to invest in 30
bonds or in other obligations of the state, may properly and legally invest funds, including capital, 31
in their control or belonging to them. The notes and bonds are also made securities which may 32
properly and legally be deposited with and received by all public officers and bodies of the state or 33
any agency or political subdivision of the state and all municipalities and public corporations for 34
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any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter 1
be authorized by law. 2
23-99-13. Lien status -- Recording. 3
Notwithstanding any provision of any other law, including the uniform commercial code: 4
(1) Any pledge or assignment of revenues of any kind, funds, property, or assets made 5
pursuant to the provisions of this chapter by the hub shall be valid and binding against all parties 6
having claims of any kind in tort, contract, or otherwise, whether or not the parties have notice 7
thereof, and shall be deemed continuously perfected from the time it is made. 8
(2) The revenues, funds, property, or assets, rights therein and thereto and proceeds so 9
pledged and then held or thereafter acquired or received by the hub shall immediately be subject to 10
the lien of such pledge without any physical delivery or segregation thereof or further act; 11
(3) No filing of any kind with respect to a pledge or assignment need be made under the 12
uniform commercial code, as amended, or otherwise; and 13
(4) For the purposes of this section, the word "pledge" shall be construed to include the 14
grant of a security interest under the uniform commercial code. 15
SECTION 3. This act shall take effect upon passage. 16
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO HEALTH AND SAFETY -- THE RHODE ISLAND LIFE SCIENCE HUB
ACT
***
This act would make technical amendments to the Rhode Island life science hub regarding 1
the terms of the directors, advisory committees, powers, disposition of hub assets upon termination, 2
and tax status as a governmental unit which is a separate legal entity from the state. The 3
amendments would make the hub, its property, and its bonds exempt from federal, state and local 4
taxes and would authorize the hub to form venture capital funds and nonprofits to accept donations 5
for the hub's purposes. The amendments would make the president and CEO an ex officio member 6
of the board of directors. 7
This act would take effect upon passage. 8
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