Rhode Island General Laws 42-64-24. State’s right to require redemption of bonds
Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds, the state may, upon furnishing sufficient funds, require the corporation to redeem, prior to maturity, as a whole, any issue of bonds on any interest payment date not less than twenty (20) years after the date of the bonds of the issue at one hundred five percent (105%) of their face value and accrued interest or at any lower redemption price as may be provided in the bonds in case of the redemption of the bonds as a whole on the redemption date. Notice of the redemption shall be published at least twice in at least two (2) newspapers publishing and circulating respectively in the cities of Providence, Rhode Island, and New York, New York, the first publication to be at least thirty (30) days before the date of redemption.
History of Section.
P.L. 1974, ch. 100, § 14.
Terms Used In Rhode Island General Laws 42-64-24
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: means the state of Rhode Island. See Rhode Island General Laws 42-64-3