§ 42-34-15 Additions to mortgage insurancefund. – (a) If from time to time in the opinion of the authority the addition of moneysto the mortgage insurance fund is required to meet obligations, the authorityshall in writing request the governor to provide sufficient moneys by a dayspecified for that purpose. The governor shall request the general assembly, ifin session, to appropriate moneys, in the treasury, not otherwise appropriated,for that purpose. If the general assembly is not in session or will not be insession within sixty (60) days of the date specified in the request of theauthority, or, if the general assembly has not provided the moneys requestedwithin thirty (30) days of that date, the governor shall direct the generaltreasurer to issue bonds in an amount at least equal to the amount requested bythe authority and as shall be necessary to carry out the purposes of thischapter in serial form in the name and behalf of the state to be signed by thegeneral treasurer and countersigned by the secretary of state under the seal ofthe state to be designated "the Rhode Island industrial-recreational buildingauthority loan". The bonds shall be of the denomination of one thousand dollars($1,000) or any multiple thereof, shall be in coupon or registered form, shallbear interest at such rate or rates of interest as may be fixed in accordancewith the provisions of this section, payable semi-annually, and the principalthereof and interest thereon shall be payable in any coin or currency of theUnited States which at the time of payment shall be legal tender for public andprivate debts. The date of maturity of the bonds shall be fixed by the generaltreasurer, but shall not in any case be later than twenty-five (25) years fromthe date of issue.
(b) The bonds so issued shall be deemed a pledge of the faithand credit of the state and shall be exempt from taxation in this state.Whenever the governor shall approve the issuance of the bonds, he or she shallcertify the approval to the secretary of state and that approval shall also beendorsed on each bond so approved with a facsimile of the signature of thegovernor.
(c) The bonds shall be sold from time to time at not lessthan par, at public auction, or in such other mode and at such times, in suchamounts and at such rate or rates of interest as the general treasurer, withthe advice of the governor, shall deem for the best interests of the state;provided, however, that the general treasurer, with the approval of thegovernor, may from time to time sell any of the bonds to the sinking fundcommission as provided by law instead of selling them at public auction or insome other mode as above provided; provided, further, however, that in thesolicitation of bids, the general treasurer shall require all bidders to statethe lowest interest rate, expressed in multiples of one tenth of one percent(.1%), at which the bidders will purchase the bonds for not less than par.
§ 42-34-15 Additions to mortgage insurancefund. – (a) If from time to time in the opinion of the authority the addition of moneysto the mortgage insurance fund is required to meet obligations, the authorityshall in writing request the governor to provide sufficient moneys by a dayspecified for that purpose. The governor shall request the general assembly, ifin session, to appropriate moneys, in the treasury, not otherwise appropriated,for that purpose. If the general assembly is not in session or will not be insession within sixty (60) days of the date specified in the request of theauthority, or, if the general assembly has not provided the moneys requestedwithin thirty (30) days of that date, the governor shall direct the generaltreasurer to issue bonds in an amount at least equal to the amount requested bythe authority and as shall be necessary to carry out the purposes of thischapter in serial form in the name and behalf of the state to be signed by thegeneral treasurer and countersigned by the secretary of state under the seal ofthe state to be designated "the Rhode Island industrial-recreational buildingauthority loan". The bonds shall be of the denomination of one thousand dollars($1,000) or any multiple thereof, shall be in coupon or registered form, shallbear interest at such rate or rates of interest as may be fixed in accordancewith the provisions of this section, payable semi-annually, and the principalthereof and interest thereon shall be payable in any coin or currency of theUnited States which at the time of payment shall be legal tender for public andprivate debts. The date of maturity of the bonds shall be fixed by the generaltreasurer, but shall not in any case be later than twenty-five (25) years fromthe date of issue.
(b) The bonds so issued shall be deemed a pledge of the faithand credit of the state and shall be exempt from taxation in this state.Whenever the governor shall approve the issuance of the bonds, he or she shallcertify the approval to the secretary of state and that approval shall also beendorsed on each bond so approved with a facsimile of the signature of thegovernor.
(c) The bonds shall be sold from time to time at not lessthan par, at public auction, or in such other mode and at such times, in suchamounts and at such rate or rates of interest as the general treasurer, withthe advice of the governor, shall deem for the best interests of the state;provided, however, that the general treasurer, with the approval of thegovernor, may from time to time sell any of the bonds to the sinking fundcommission as provided by law instead of selling them at public auction or insome other mode as above provided; provided, further, however, that in thesolicitation of bids, the general treasurer shall require all bidders to statethe lowest interest rate, expressed in multiples of one tenth of one percent(.1%), at which the bidders will purchase the bonds for not less than par.
§ 42-34-15 Additions to mortgage insurancefund. – (a) If from time to time in the opinion of the authority the addition of moneysto the mortgage insurance fund is required to meet obligations, the authorityshall in writing request the governor to provide sufficient moneys by a dayspecified for that purpose. The governor shall request the general assembly, ifin session, to appropriate moneys, in the treasury, not otherwise appropriated,for that purpose. If the general assembly is not in session or will not be insession within sixty (60) days of the date specified in the request of theauthority, or, if the general assembly has not provided the moneys requestedwithin thirty (30) days of that date, the governor shall direct the generaltreasurer to issue bonds in an amount at least equal to the amount requested bythe authority and as shall be necessary to carry out the purposes of thischapter in serial form in the name and behalf of the state to be signed by thegeneral treasurer and countersigned by the secretary of state under the seal ofthe state to be designated "the Rhode Island industrial-recreational buildingauthority loan". The bonds shall be of the denomination of one thousand dollars($1,000) or any multiple thereof, shall be in coupon or registered form, shallbear interest at such rate or rates of interest as may be fixed in accordancewith the provisions of this section, payable semi-annually, and the principalthereof and interest thereon shall be payable in any coin or currency of theUnited States which at the time of payment shall be legal tender for public andprivate debts. The date of maturity of the bonds shall be fixed by the generaltreasurer, but shall not in any case be later than twenty-five (25) years fromthe date of issue.
(b) The bonds so issued shall be deemed a pledge of the faithand credit of the state and shall be exempt from taxation in this state.Whenever the governor shall approve the issuance of the bonds, he or she shallcertify the approval to the secretary of state and that approval shall also beendorsed on each bond so approved with a facsimile of the signature of thegovernor.
(c) The bonds shall be sold from time to time at not lessthan par, at public auction, or in such other mode and at such times, in suchamounts and at such rate or rates of interest as the general treasurer, withthe advice of the governor, shall deem for the best interests of the state;provided, however, that the general treasurer, with the approval of thegovernor, may from time to time sell any of the bonds to the sinking fundcommission as provided by law instead of selling them at public auction or insome other mode as above provided; provided, further, however, that in thesolicitation of bids, the general treasurer shall require all bidders to statethe lowest interest rate, expressed in multiples of one tenth of one percent(.1%), at which the bidders will purchase the bonds for not less than par.
