Sec. 13a-187. Terms of bonds. Sale.
Sec. 13a-187. Terms of bonds. Sale. (a) All of said securities of any such series
shall be payable at such place or places as may be determined by the Treasurer pursuant
to section 3-19 and shall bear such date or dates, mature at such time or times not
exceeding twenty years from their respective dates, bear interest at such rate or different
or varying rates and payable at such time or times, be in such denominations, be in such
form with or without interest coupons attached, carry such registration, conversion and
transfer privileges, be payable in such medium of payment and be subject to such terms
of redemption with or without premium as, irrespective of the provisions of section 3-20, may be provided in the determination authorizing the same or fixed in accordance
therewith.
(b) Except as otherwise expressly provided in sections 13a-184 to 13a-197, inclusive, all of said securities shall be issued in accordance with said section 3-20 and be
sold at a price not less than the principal amount thereof plus accrued interest, and, except
as otherwise directed by or pursuant to said sections 13a-184 to 13a-197, inclusive, the
proceeds of any sale of said securities shall be deposited in a special fund and used and
applied as provided in said section 3-20. Pending the use or application of any such
proceeds as hereinabove directed, such proceeds may be invested by the Treasurer in
bonds or obligations of, or guaranteed by, the state or the United States or agencies or
instrumentalities of the United States.
(1961, P.A. 605, S. 6, 7; 1963, P.A. 226, S. 187; February, 1965, P.A. 325, S. 4; P.A. 73-675, S. 28, 44; P.A. 75-568,
S. 22, 45; P.A. 85-613, S. 110, 154.)
History: 1963 act restated previous provisions: See title history; 1965 act changed maturity date reference in Subsec.
(a) from July 1, 1971 to 20 years "from their respective dates"; P.A. 73-675 replaced highway fund with transportation fund;
P.A. 75-568 replaced transportation fund with special fund; P.A. 85-613 made technical changes, substituting references to
Sec. 13a-197 for references to Sec. 13a-198.