10-129.   Call of bonds or temporary notes before maturity; notice to statetreasurer; paying agent and others; costs.(a) Whenever any municipality orders the call of any bonds or temporarynotes issued by such municipality prior to the date of the maturity thereof, itshall be the duty of the clerk or secretary of such municipality to notify:

      (1) The state treasurer and paying agent of such call by mailing to thestate treasurer and paying agent, by certified mail, at least 45days priorto the date fixed for the call of such bonds or for temporary notesfor which the state treasurer acts as paying agent, a copy ofthe order, resolution or ordinance calling such bonds or temporary notes; and

      (2)   cause the paying agent to notify each presenter of interest coupons orowner of registered bonds or temporary notes that a call hasbeen made as follows:

      (A)   If the bonds are bearer bonds, each person who last received aninterest payment on any such bonds prior to the date fixed for notificationof the call of such bonds if the address of such person is known, bymailing to such person, at the last known address thereof, a copy of theorder, resolution or ordinance calling such bonds; or

      (B)   if the bonds or temporary notes are registered, each registered owner ofsuch bonds or temporary notes, or the duly authorized agent thereof, by mailingto such person or authorized agent, at the last known address of such owner oragent, a copy of the order, resolution or ordinance calling such bonds ortemporary notes.

      (b)   Costs associated with the foregoing provisions shall be paid by themunicipality ordering the call of such bonds or temporary notes.

      History:   L. 1941, ch. 101, § 2; L. 1987, ch. 59, § 1; L. 1991, ch.49, § 1;L. 1994, ch. 96, § 1; July 1.