§ 23-19.1-30 - Terms and conditions of sales – Applications of premiums and accrued interest – Validity not affected by change in office. - Rhode Island Statutes

SECTION 23-19.1-30

   § 23-19.1-30  Terms and conditions of sales– Applications of premiums and accrued interest – Validity notaffected by change in office. – (a) Any bond or note issued under the authority of this chapter shall be soldat not less than the principal amount of these bonds on any terms andconditions as the general treasurer, with the approval of the governor, shallbe deemed to be for the best interest of the state. The purchaser of the bondsor notes shall pay accrued interest to the date of delivery of the bonds ornotes.

   (b) These premiums or accrued interest which may be receivedas the result of the sale of the bonds or notes shall be applied to the paymentof debt service costs.

   (c) Any bonds or notes issued under the provisions of thischapter and coupons on any bonds, if properly executed by the manual orfacsimile signature of officers of the state in office on the date ofexecution, shall be valid and binding according to their tenor, notwithstandingthat before their delivery and payment for them, any or all the officers shallfor any reason have ceased to hold office.