35-428. Redemption of bonds; notice; record of
bonds redeemed
A. When, after the expiration of fifteen years from the date of issuance of any
bonds, there is in the redemption fund a surplus of ten thousand dollars or more, the
state treasurer shall advertise, in the same manner as required for bids for the sale of
bonds, stating the amount of money in the redemption fund, and that such amount has been
set apart to pay and discharge a certain number of bonds, naming them by number in the
order of their issuance. A copy of such advertisement shall be mailed to each bank or
trust company at which the interest on the bonds is payable. If the bonds numbered in the
advertisements are not presented for payment and cancellation at the expiration of such
publication, the fund shall remain in the treasury to discharge the bonds when presented,
but such bonds shall draw no interest after expiration of the publication. Before such
bonds are paid they shall be presented to the director of the department of
administration, who shall endorse on each bond the amount due thereon, and shall write
across the face of each bond the date of its surrender and the name of the person
surrendering the bond.
B. The director of the department of administration shall keep a record of all
bonds issued and disposed of by the state treasurer, showing for each bond the number,
rate of interest, date, amount of sale, when, where and to whom payable, and if
exchanged, for what, and when presented for redemption the date, amount due thereon, and
person surrendering.
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