TITLE 35
Public Finance
CHAPTER 35-15
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.)
