Public Finance

Bonded Indebtedness of State

SECTION 35-8-14

§ 35-8-14. General sinking fund established.

The general treasurer is authorized and directed to establish a general sinking fund for the purpose of providing funds for the payment of all state bonds at maturity, including all bonds authorized and issued according to law, and to transfer all the existing sinking funds to the general sinking fund. Wherever in any general law, public law, act, or resolution of the general assembly provision is made for the establishment of a sinking fund to extinguish a state debt at its maturity, that provision shall be construed to mean an addition to the general sinking fund for the redemption of state bonds at their maturity in conformity with this section.

History of Section.
(G.L. 1923, ch. 43, § 13; P.L. 1931, ch. 1696, § 2; G.L. 1938, ch. 107, § 13; G.L. 1956, § 35-8-14.)