§ 46-25-42 - Terms and conditions of sales – Applications of premiums and accrued interest – Validity not affected by change in office.
SECTION 46-25-42
§ 46-25-42 Terms and conditions of sales– Applications of premiums and accrued interest – Validity notaffected by change in office. – (a) Any bond or note issued under the authority of this chapter shall be soldfrom time to time at not less than the principal amount thereof, on such termsand conditions as the general treasurer, with the approval of the governor,shall be deemed to be for the best interest of the state. The purchaser of anyof the bonds or notes shall pay accrued interest to the date of delivery of thebonds or notes.
(b) Any premiums or accrued interest, which may be receivedas the result of the sale of bonds or notes, shall be applied to the payment ofdebt service costs.
(c) Any bonds or notes issued under the provisions of thischapter and any coupons on any bonds, if properly executed by the manual orfacsimile signature, as the case may be, of officers of the state in office onthe date of execution, shall be valid and binding according to their tenor,notwithstanding that, before the delivery thereof and payment therefor, any orall of the officers shall for any reason have ceased to hold office.