§ 46-25-42. Terms and conditions of sales - Applications of premiums and accrued interest - Validity not affected by change in office. (a) Any bond or note issued under the authority of this chapter shall be sold from time to time at not less than the principal amount thereof, on such terms and conditions as the general treasurer, with the approval of the governor, shall be deemed to be for the best interest of the state. The purchaser of any of the bonds or notes shall pay accrued interest to the date of delivery of the bonds or notes.
(b) Any premiums or accrued interest, which may be received as the result of the sale of bonds or notes, shall be applied to the payment of debt service costs.
(c) Any bonds or notes issued under the provisions of this chapter and any coupons on any bonds, if properly executed by the manual or facsimile signature, as the case may be, of officers of the state in office on the date of execution, shall be valid and binding according to their tenor, notwithstanding that, before the delivery thereof and payment therefor, any or all of the officers shall for any reason have ceased to hold office.
History of Section. (P.L. 1980, ch. 342, § 1.)
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