§ 42-64-24 - State's right to require redemption of bonds. - Rhode Island Statutes

SECTION 42-64-24

   § 42-64-24  State's right to requireredemption of bonds. – Notwithstanding and in addition to any provisions for the redemption of bondswhich may be contained in any contract with the holders of the bonds, the statemay, upon furnishing sufficient funds, require the corporation to redeem, priorto maturity, as a whole, any issue of bonds on any interest payment date notless than twenty (20) years after the date of the bonds of the issue at onehundred five percent (105%) of their face value and accrued interest or at anylower redemption price as may be provided in the bonds in case of theredemption of the bonds as a whole on the redemption date. Notice of theredemption shall be published at least twice in at least two (2) newspaperspublishing and circulating respectively in the cities of Providence, RhodeIsland, and New York, New York, the first publication to be at least thirty(30) days before the date of redemption.