§ 23-24.5-20 - Bonds authorized.
SECTION 23-24.5-20
§ 23-24.5-20 Bonds authorized. – (a) The general treasurer is authorized and empowered with the approval of thegovernor and in accordance with the provisions of this chapter to issue fromtime to time bonds in the name and behalf of the state and in any amounts asmay be specified by the governor in an aggregate principal amount not to exceedtwenty million dollars ($20,000,000) for the purposes of being deposited in theaccount of the department of administration as set forth in § 23-24.5-19,known as the asbestos and dangerous products abatement fund. The bonds shall bein denominations of one thousand dollars ($1,000) each or multiples of thatamount and shall be payable in any coin or currency of the United States which,at the time of payment, shall be legal tender for public or private debts. Thebonds shall bear any date or dates, mature at any time or times not exceedingtwenty (20) years from their date of issue, bear interest payable semiannuallyat any rate or different varying rates, be payable at any time or times, at anyplace or places, be subject to any terms of recall or redemption, with orwithout premium, and be in any form with or without interest coupons attachedcarrying any registration, conversion, re -conversion, transfer, debtrequirements, acceleration, and other provisions as may be fixed by the generaltreasurer, with the approval of the governor, upon each issue of the bonds atthe time of each issue.
(b) Whenever the governor shall approve the issuance of thosebonds he or she shall certify that approval to the secretary of state; thegeneral treasurer shall countersign the bonds and affix the seal of the state.The approval of the governor shall be endorsed on each approved bond with afacsimile of his or her signature.