Public Finance

Bonded Indebtedness of State

SECTION 35-8-18

§ 35-8-18. Replacement of lost or destroyed bond or note – Bond to protect state.

Whenever the board is satisfied that any bond or note of the state has been lost or destroyed, the board may, upon payment to it by the owner or holder thereof of such a sum as it deems necessary to cover the actual expense involved and under such regulations and with such restrictions as it may prescribe, order the general treasurer and/or such other officers of the state as the board may designate to issue a duplicate of the bond or note, payable at the same time, bearing the same rate of interest as the bond or note so lost or destroyed, and so marked as to show the number if known and date of the original bond or note. No duplicate shall be issued until the owner of the lost or destroyed bond or note shall give to the general treasurer a bond in double the amount of the lost or destroyed bond or note and of the interest which would accrue until the principal is due and payable, with two (2) sufficient sureties both residents of the state, or with a surety company authorized to do business in this state, approved by the board, conditioned to indemnify and save harmless the state from any claim or demand on account of the lost or destroyed bond or note.

History of Section.
(G.L. 1938, ch. 107, § 15; P.L. 1939, ch. 668, § 1; G.L. 1956, § 35-8-18.)