§ 42-44.1-7. Temporary notes. (a) The general treasurer is hereby authorized and empowered, with the approval of the governor, and in accordance with the provisions of this chapter, to borrow upon temporary notes issued in anticipation of the issuance of bonds, from time to time, in the name and behalf of the state, sums of money for the purposes set forth in §§ 42-44.1-3 and 42-44.1-5 hereof.

(b) The notes shall be signed by the general treasurer and countersigned by the secretary of state and shall be issued at such time or times in such amounts, at such rates of interest, and with such provisions of repayment, with or without premium, acceleration, and other terms, as may be fixed by the general treasurer, with the approval of the governor.

(c) The notes may be issued from time to time for periods not exceeding two (2) years and may be refunded or renewed from time to time by the issue of other notes for periods not exceeding two (2) years, but the notes, including all refundings and renewals thereof, shall bear maturity dates not later than five (5) years from the date of each original issue. The total sum of the terms of the notes plus the term of the bonds, which the issuance of the notes anticipate, shall not exceed twenty-five (25) years in duration.

(d) The proceeds of the sale of the notes, inclusive of any premiums and any accrued interest which may be received from the sale thereof, shall be applied to the purposes for which the notes are issued and shall be deposited by the general treasurer in the account described in § 42-44.1-6.

History of Section. (P.L. 1984, ch. 420, § 1.)