Rhode Island § 42-82-7 - Farmland Preservation Act

§ 42-82-7. Bonds authorized — Maturity — Certification and execution.

(a) The general treasurer is hereby authorized and empowered, with the approval of the governor and in accordance with the provisions of this chapter, to issue from time to time bonds in the name and behalf of the state and in amounts that may be specified in an amount not to exceed two million dollars ($2,000,000) from time to time by the governor to be designated as “agricultural lands preservation commission loan of 1981.” Bonds shall be in denominations of one thousand dollars ($1,000) each or multiples thereof, and shall be payable in any coin or currency of the United States which at the time of payment shall be legal tender for public or private debts. Bonds shall bear a date or dates, mature at a time or times not exceeding twenty (20) years from their respective date of issue, bear interest payable semiannually at a rate or different varying rates, be payable at a time or times, at a place or places, be subject to terms of recall or redemption, with or without premium, be in a form with or without interest coupons attached carrying a registration, conversion, re-conversion, transfer, debt requirement, acceleration and other provisions that may be fixed by the general treasurer, with the approval of the governor, upon each issue of the bonds at the time of each issue.

(b) Whenever the governor shall approve the issuance of bonds, the governor shall certify the approval to the secretary of state; the general treasurer shall countersign the bonds and affix the seal of the state. The approval of the governor shall be endorsed on each bond so approved with a facsimile of the governor’s signature.