§ 45-37-5. Procedure before acquisition. Notwithstanding any other provision of law, neither the state, nor any municipality, have the power to acquire title to an industrial facility, pursuant to the provisions of this chapter, by gift, unless prior to the issuance of obligations to finance the acquisition and construction of an industrial facility by a nonbusiness corporation formed under the provisions of chapter 6 of title 7, the governor, or the governor's designee, in respect of the state, or the governing body in respect of a municipality, have found, after a hearing on the acquisition and construction, that the acquisition and construction, proposed leasing, operation and use of the industrial facility and its acquisition, by the state or municipality so acquiring, serves a public use and provides a public benefit, and that the acquisition is within the policy of, and the authority conferred, by this chapter. The determination may be made by the governor, or the governor's designee, or appropriate governing body if supported by documentation and information that the governor, or the governor's designee, or appropriate governing body may request as a basis for the determination, and if it is found that:

(1) The acquisition and construction of the industrial facility will eliminate or prevent unemployment, either in whole or in part in the area in which the industrial facility is located;

(2) The industrial facility will consist of a building or buildings which are suitable for industrial, manufacturing, commercial, or warehousing purposes;

(3) The industrial facility will be leased to, or owned by, a financially responsible person or corporation;

(4) Adequate provision has been, or will be made, for the payment of the cost of the acquisition and construction of the industrial facility, and that under no circumstances will the state or municipality be obligated, directly or indirectly, for the payment of the principal of, or interest on, any obligations issued to finance the construction;

(5) Adequate provision has been, or will be made, in each lease relating to the industrial facility for the payment of all costs of operation, maintenance, and upkeep of the industrial facility by the lessee, sublessee, or occupant so that under no circumstances will the state or municipality be obligated, directly or indirectly, for the payment of those costs; and

(6) The acquisition and construction, proposed leasing, operation, and use of the industrial facility will aid in the development, growth, and prosperity of the state or municipality in which the industrial facility is located.

History of Section. (P.L. 1965, ch. 198, § 1; P.L. 1966, ch. 247, § 1.)