§ 45-12-5.3 - Debt maturity for United States Department of Agriculture/Rural Development bonds.
SECTION 45-12-5.3
§ 45-12-5.3 Debt maturity for UnitedStates Department of Agriculture/Rural Development bonds. – Notwithstanding any contrary provisions of this chapter, or any other generalor special law or provision of any municipal charter, bonds issued by a city ortown which are purchased by the United States of America, acting through theUnited States Department of Agriculture/Rural Development, or any successoragency or department, shall be payable either by maturity of principal in thecase of serial bonds or by mandatory serial redemption in the case of termbonds, in annual installments of principal, the first installment not laterthan five (5) years and the last installment not later than forty (40) yearsafter the date of the bonds.