Rhode Island § 35-8-2 - Bonded Indebtedness of State

§ 35-8-2. Destruction of bonds and certificates unsold or repurchased by state — Certificate.

(a) All bonds, coupons, and certificates of indebtedness which have or shall become the property of the state, except those held by the sinking fund commission, and all bonds, coupons, and certificates of indebtedness which have been issued by the state but which have not been sold during a period of five (5) years after the issuance of the bonds, coupons, and certificates of indebtedness, shall, within a reasonable time after the five-year period, be destroyed by the general treasurer by burning the bonds and certificates, in the presence of the secretary of state, the director of administration, and the attorney general, who shall make, sign, and deliver to the general treasurer a certificate containing the number, date of issue, and denomination of each bond, and of each coupon and certificate of indebtedness so destroyed, and of the time when destroyed, which certificate shall be, by the general treasurer, with his or her next report, transmitted to the general assembly.

(b) At his or her discretion, the general treasurer may authorize the banks acting as fiscal agents of the state for these bonds and certificates of indebtedness to destroy the bonds, coupons, and certificates of indebtedness paid by them and submit to the general treasurer a notarized certificate of destruction in place of the paid bonds, coupons, and certificate of indebtedness, listing in numerical order the bond issue, bond and/or coupon number, date of issue, and denominations of each bond and of each coupon and certificate of indebtedness so destroyed and the time when destroyed. The destruction certificate, to be provided by the general treasurer, shall be submitted by the fiscal agents in regular intervals each month, together with a certification of the balance of the funds remaining in each bond account for the indebtedness matured and not presented for payment. The general treasurer and the state shall not be held liable for any bond, coupon, or certificate of indebtedness certified as reported destroyed by any bank acting as fiscal agents of the state.