PVD 2016 Budget.Pdf
Introduction RHODE ISLAND AIRPORT CORPORATION BUDGET FOR FISCAL YEAR 2016 INTRODUCTION The Rhode Island Airport Corporation (RIAC) was created by the Rhode Island Port Authority and Economic Development Corporation, now the Rhode Island Commerce Corporation (Commerce RI), on December 9, 1992, as a subsidiary public corporation, governmental agency and public instrumentality, having a distinct legal existence from the State of Rhode Island (State), and Commerce RI, and having many of the same powers and purposes of Commerce RI. Pursuant to its Articles of Incorporation, RIAC is empowered to undertake the planning, development, management, acquisition, ownership, operations, repair, construction, reconstruction, rehabilitation, renovation, improvement, maintenance, sale, lease, or other disposition of any “airport facility” as defined in Rhode Island General Law. Pursuant to the Lease and Operating Agreement by and between the State of Rhode and Providence Plantations, the Rhode Island Department of Transportation, and RIAC dated as of June 25, 1993, RIAC leased, initially for a period of thirty (30) years, all of the airports which previously had been under the jurisdiction of the Department of Transportation of the State of Rhode Island. The Lease Agreement was extended in Fiscal Year 2008 through June 30, 2038. The rental rate per the lease is $1 per year. Pursuant to the Lease Agreement, effective July 1, 1993, the State transferred to RIAC all of the personal property and other assets of the State located at or relating to the six airports. RIAC operates on a July 1 to June 30 fiscal year (FY) basis. RIAC was created to operate as a self-sustaining entity and receives no funds from the State’s General Purpose Fund for the operation and maintenance of any of the six airports under its jurisdiction.
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