§ 45-12-14 - Replacement of lost or destroyed bond or note – Bond to indemnify city or town. - Rhode Island Statutes

SECTION 45-12-14

   § 45-12-14  Replacement of lost ordestroyed bond or note – Bond to indemnify city or town. – Whenever the board is satisfied that any bond or note of the city or town hasbeen lost or destroyed, the board may upon payment to it by the owner or holderof the bond or note, of a sum that it deems necessary to cover the actualexpense involved and under such regulations and with such restrictions that itmay prescribe, order the city treasurer or town treasurer and/or other officersof the city or town that the board may designate to issue a duplicate of thebond or note, payable at the same time, bearing the same rate of interest asthe lost or destroyed bond or note, and marked as to show the number, if known,and date of the original bond or note. But no duplicate shall be issued untilthe owner of the lost or destroyed bond or note gives to the city treasurer ortown treasurer a bond in double the amount of the lost or destroyed bond ornote and of the interest which would accrue until the principal is due andpayable, with two (2) sufficient sureties, both residents of the state, or witha surety company authorized to do business in this state, approved by theboard, conditioned to indemnify and save harmless the city or town from anyclaim or demand on account of the lost or destroyed bond or note.