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§35-15-5  Security for savings bonds. –

Published: 2015

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Public Finance


Savings Bond Program

SECTION 35-15-5

   § 35-15-5  Security for savings bonds.


Any savings bonds issued pursuant to this chapter shall be direct, general

obligations of the state and subject to repayment as provided in the general

obligation bond acts; provided, that in the proceedings of the governor and the

general treasurer authorizing the issuance of the bonds, those officials may

covenant on behalf of the state with or for the benefit of the holders of the

bonds as to all matters deemed advisable by those officials, including the

terms and conditions for creating and maintaining sinking funds, reserve funds,

and such other special funds as may be created in those proceedings, separate

and apart from all other funds and accounts of the state, and those officials

may make such other covenants as may be deemed necessary or desirable to assure

the prompt payment of the principal of and interest on those bonds when due.

History of Section.

(P.L. 1988, ch. 426, § 1; P.L. 1990, ch. 54, § 1.)