§ 14992 — Bonds of county held by commission

(a) Bonds generally.--The bonds of the county held by the sinking fund commission shall be stamped in a conspicuous manner to show that the bonds have been purchased for the sinking fund. The bonds may not be reissued or sold.

(b) Interest.--The sinking fund commission may not require the county to pay interest on any of the bonds held by the commission, unless the commission deems the payment of interest necessary for the purpose of having adequate money on hand to pay the bonds of the county as the bonds mature and become payable.

(c) Cancellation of bonds.--The bonds of the county held by the sinking fund commission shall be canceled immediately upon maturity.