ARTICLE
6
RELATING TO BOND
PREMIUMS
SECTION 1. Section 7 of Chapter 246 of the Public Laws,
enacted in Article 5 of 06-H-
7120 Sub A
as amended and approved on June 29, 2006, is hereby amended to read as follows:
SECTION 7.
this act shall be sold from time to time at not less than
the principal amount thereof, in such mode
and on such terms and conditions as the general
treasurer, with the approval of the governor, shall
deem to be for the best interests of the state.
Any
premiums and accrued interest, net of the cost of bond insurance and
underwriters
discount, that may be received on the sale of the capital
development bonds or notes shall become
part of the general fund Rhode Island Capital
Fund of the state and shall be applied to the
payment of debt service charges of the state, unless directed by federal law or regulation to be
used for some other purpose.
In
the event that the amount received from the sale of the capital development
bonds or
notes exceeds the amount necessary for the purposes stated
in section 6 hereof, the surplus may
be used to the extent possible to retire the bonds as
the same may become due, to redeem them in
accordance with the terms thereof or otherwise to purchase them
as the general treasurer, with the
approval of the governor, shall deem to be for the best
interests of the state.
Any
bonds or notes issued under the provisions of this act and coupons on any capital
development bonds, if properly executed by the manual or
facsimile signatures 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 such officers
shall for any reason have ceased to hold office.
SECTION 2. This article shall take effect upon passage.