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.)