§ 35-8-27 Variable rate obligations andinterest rate exchange agreements. – In connection with the issuance of duly authorized bonds or notes of the state,notwithstanding any other authority to the contrary, such bonds or notes may beissued in the form of variable rate obligations, so-called. In connectiontherewith, the state, acting through the general treasurer, may enter intoagreements with banks, trust companies or other financial institutions withinor without the state, whether in the form of letters or lines of credit,liquidity facilities, insurance or other support arrangements. Any debt issuedas variable rate obligations shall bear such terms as the general treasurershall determine, including provisions for prepayment at any time with orwithout premium at the option of the state, may be sold at a premium ordiscount, and may bear interest or not and if interest bearing, may bearinterest at such rate or rates variable from time to time as determined by suchindex, banking loan rate or other method specified in any such agreement. Anysuch agreement may also include such other covenants and provisions forprotecting the rights, security and remedy of the lenders as may, in thediscretion of the general treasurer, be reasonable and proper and not inviolation of law. The general treasurer may also enter into agreements withbrokers for the placement or marketing of any such debt or notes of the stateissued as variable rate obligations.
In addition, the general treasurer, with the approval of thegovernor, may from time to time, enter into and amend interest rate exchangeagreements including, but not limited to, interest rate "caps", "floors","collars", or "swaps" that the general treasurer determines to be necessary ordesirable for the purpose of generating savings, managing an interest rate, orsimilar risk that arises in connection with, or subsequent to or is incidentalto the issuance, carrying or securing of variable rate obligations, fixed ratebonds or fixed rate obligations. Such interest rate exchange agreements enteredinto by the state shall contain such provisions, including payment, term,security, default and remedy provisions, and shall be with such parties, as thegeneral treasurer shall determine to be necessary or desirable after dueconsideration to the creditworthiness of those parties.
§ 35-8-27 Variable rate obligations andinterest rate exchange agreements. – In connection with the issuance of duly authorized bonds or notes of the state,notwithstanding any other authority to the contrary, such bonds or notes may beissued in the form of variable rate obligations, so-called. In connectiontherewith, the state, acting through the general treasurer, may enter intoagreements with banks, trust companies or other financial institutions withinor without the state, whether in the form of letters or lines of credit,liquidity facilities, insurance or other support arrangements. Any debt issuedas variable rate obligations shall bear such terms as the general treasurershall determine, including provisions for prepayment at any time with orwithout premium at the option of the state, may be sold at a premium ordiscount, and may bear interest or not and if interest bearing, may bearinterest at such rate or rates variable from time to time as determined by suchindex, banking loan rate or other method specified in any such agreement. Anysuch agreement may also include such other covenants and provisions forprotecting the rights, security and remedy of the lenders as may, in thediscretion of the general treasurer, be reasonable and proper and not inviolation of law. The general treasurer may also enter into agreements withbrokers for the placement or marketing of any such debt or notes of the stateissued as variable rate obligations.
In addition, the general treasurer, with the approval of thegovernor, may from time to time, enter into and amend interest rate exchangeagreements including, but not limited to, interest rate "caps", "floors","collars", or "swaps" that the general treasurer determines to be necessary ordesirable for the purpose of generating savings, managing an interest rate, orsimilar risk that arises in connection with, or subsequent to or is incidentalto the issuance, carrying or securing of variable rate obligations, fixed ratebonds or fixed rate obligations. Such interest rate exchange agreements enteredinto by the state shall contain such provisions, including payment, term,security, default and remedy provisions, and shall be with such parties, as thegeneral treasurer shall determine to be necessary or desirable after dueconsideration to the creditworthiness of those parties.
§ 35-8-27 Variable rate obligations andinterest rate exchange agreements. – In connection with the issuance of duly authorized bonds or notes of the state,notwithstanding any other authority to the contrary, such bonds or notes may beissued in the form of variable rate obligations, so-called. In connectiontherewith, the state, acting through the general treasurer, may enter intoagreements with banks, trust companies or other financial institutions withinor without the state, whether in the form of letters or lines of credit,liquidity facilities, insurance or other support arrangements. Any debt issuedas variable rate obligations shall bear such terms as the general treasurershall determine, including provisions for prepayment at any time with orwithout premium at the option of the state, may be sold at a premium ordiscount, and may bear interest or not and if interest bearing, may bearinterest at such rate or rates variable from time to time as determined by suchindex, banking loan rate or other method specified in any such agreement. Anysuch agreement may also include such other covenants and provisions forprotecting the rights, security and remedy of the lenders as may, in thediscretion of the general treasurer, be reasonable and proper and not inviolation of law. The general treasurer may also enter into agreements withbrokers for the placement or marketing of any such debt or notes of the stateissued as variable rate obligations.
In addition, the general treasurer, with the approval of thegovernor, may from time to time, enter into and amend interest rate exchangeagreements including, but not limited to, interest rate "caps", "floors","collars", or "swaps" that the general treasurer determines to be necessary ordesirable for the purpose of generating savings, managing an interest rate, orsimilar risk that arises in connection with, or subsequent to or is incidentalto the issuance, carrying or securing of variable rate obligations, fixed ratebonds or fixed rate obligations. Such interest rate exchange agreements enteredinto by the state shall contain such provisions, including payment, term,security, default and remedy provisions, and shall be with such parties, as thegeneral treasurer shall determine to be necessary or desirable after dueconsideration to the creditworthiness of those parties.
