§ 23-19.1-27 - Temporary notes. - Rhode Island Statutes

SECTION 23-19.1-27

   § 23-19.1-27  Temporary notes. – (a) The general treasurer is authorized and empowered, with the approval of thegovernor, and in accordance with the provisions of this chapter, to borrow upontemporary notes issued in anticipation of the issuance of the bonds in the nameand behalf of the state, sums of money for the purposes set forth in §23-19.1-23.

   (b) The notes shall be signed by the general treasurer andcountersigned by the secretary of state and shall be issued at any time ortimes, in any amounts, at any rates of interest, with any provisions ofrepayment, with or without premium, acceleration, and other terms as may befixed by the general treasurer, with the approval of the governor.

   (c) The notes may be issued for periods not exceeding two (2)years and may be refunded or renewed by the issue of other notes for periodsnot exceeding two (2) years, but the notes, including all refundings andrenewals of these, shall bear maturity dates not later than five (5) years fromthe date of each original issue. The total sum of the terms of the notes plusthe term of the bonds, which the issuance of the notes anticipate, shall notexceed twenty-five (25) years in duration.

   (d) The proceeds of the sale of the notes, inclusive of anypremiums and any accrued interest which may be received from the sale of these,shall be applied to the purposes for which the notes are issued, and shall bedeposited by the general treasurer in the account described in §23-19.1-26.