10-111.   Cancellation of bond or coupon; return or destruction;payments from fiscal agency fund; record requirements; bond register entry.(a) Whenever a fiscal agent pays a bond or coupon, such fiscal agentshall cancel the same and return such canceled bond or coupon to the clerkof the municipality issuing the same.

      (b)   When a municipality has designated a fiscal agent other than thestate treasurer, such fiscal agent shall, upon the payment of any bonds orcoupons, cancel the same and shall, at the direction of the municipality,destroy the same or return them to the municipality. Such bonds and couponsshall be returned or destroyed at any time after six months fromtheir payment date. The municipality shall direct the fiscal agent as tothe method by which the bonds or coupons shall be destroyed.

      (c)   Whenever a municipality has transmitted to the state treasurer, onforms provided by the state treasurer, a request to pay moneys from thefiscal agency fund, the state treasurer shall approve vouchers therefor inaccordance with this section and the director of accounts and reports shallissue warrants thereon. The state treasurer shall not approvevouchers for payment of any municipality's request in an amount greaterthan moneys on deposit in the fiscal agency fund to the credit of suchmunicipality. Upon approval of any voucher under the provisionsof thissection, the state treasurer shall enter, on the bond register in the statetreasurer's office, a detailed statement of the bonds and interest paidthereon. Each entry shall specify the municipality issuing the bond and the numberof each bond or any coupon which is paid and the amount paid therefor.Thereupon, the state treasurer shall cancel all coupons and bonds paidand detail such cancellation on the bond register.

      History:   R.S. 1923, § 10-111; L. 1933, ch. 34, § 3 (SpecialSession); L. 1969, ch. 63, § 2; L. 1971, ch. 36, § 1; L. 1974,ch. 45, § 6; L. 1983, ch. 49, § 25; May 12.