§ 35-15-5 - Security for savings bonds. - Rhode Island Statutes

SECTION 35-15-5

   § 35-15-5  Security for savings bonds.– Any savings bonds issued pursuant to this chapter shall be direct, generalobligations of the state and subject to repayment as provided in the generalobligation bond acts; provided, that in the proceedings of the governor and thegeneral treasurer authorizing the issuance of the bonds, those officials maycovenant on behalf of the state with or for the benefit of the holders of thebonds as to all matters deemed advisable by those officials, including theterms and conditions for creating and maintaining sinking funds, reserve funds,and such other special funds as may be created in those proceedings, separateand apart from all other funds and accounts of the state, and those officialsmay make such other covenants as may be deemed necessary or desirable to assurethe prompt payment of the principal of and interest on those bonds when due.