§ 35-8-20 - Minibonds. - Rhode Island Statutes

SECTION 35-8-20

   § 35-8-20  Minibonds. – Notwithstanding any provision of general or public law to the contrary,whenever the general treasurer is authorized by any general or public law toissue and sell bonds of the state, he or she may determine, with the approvalof the governor, to issue and sell all or a portion of the bonds indenominations of one hundred dollars ($100), five hundred dollars ($500), onethousand dollars ($1,000), or any multiple of one thousand dollars ($1,000).Bonds issued in denominations of one hundred dollars ($100), five hundreddollars ($500), or one thousand dollars ($1,000) are hereinafter called"minibonds". The general treasurer may issue and sell minibonds at public orprivate sale at par or at a discount, maturing in such amounts and upon suchdates, bearing interest at such rate or rates, payable as to both principal andinterest at such time or times and in such manner, in bearer or registeredform, and upon such other terms and conditions, all as the general treasurer,with the approval of the governor, shall determine to be in the best interestof the state. Each minibond may, at the determination of the general treasurer,also provide that it shall be redeemed by the state at the option of the holderor registered owner upon due presentment on any business day at least one monthfrom its date at such price and on such terms as the general treasurer shallfix, with the approval of the governor, at the time of issue of the minibonds;provided, that if so determined and provided:

   (1) Not more than ten percent (10%) of the face amountoriginally authorized shall be sold by the general treasurer in any one fiscalyear;

   (2) No minibond shall mature more than five (5) years afterits date; and

   (3) No one sale to a single purchaser of minibonds shall bein an aggregate face amount greater than five thousand dollars ($5,000).