§ 42-82-9 - Temporary notes. - Rhode Island Statutes

SECTION 42-82-9

   § 42-82-9  Temporary notes. – (a) The general treasurer is authorized and empowered, with the approval of thegovernor, and in accordance with provisions of this chapter, to borrow upontemporary notes issued in anticipation of the issuance of the bonds, from timeto time, in the name and behalf of the state, sums of money for the purposesset forth in §§ 42-82-4 and 42-82-5.

   (b) The notes shall be signed by the general treasurer andcountersigned by the secretary of state and shall be issued at a time or timesin any amounts, at any rates of interest, with any provisions of prepayment,with or without premium, acceleration, and other terms that may be fixed by thegeneral treasurer, with the approval of the governor.

   (c) The notes may be issued from time to time for periods notexceeding two (2) years and may be refunded or renewed from time to time by theissue of other notes for periods not exceeding two (2) years, but the notes,including all refundings and renewals, shall bear maturity dates not later thanfive (5) years from the date of each original issue. The total sum of the termsof the notes plus the term of the bonds, which the issuance of the notesanticipate, shall not exceed 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 thenotes, shall be applied to the purposes for which the notes are issued andshall be deposited by the general treasurer in the account described in §42-82-8.