§ 45-12-14 — § 45-12-14. Replacement of lost or destroyed bond or note — Bond to indemnify city or town.

Rhode Island § 45-12-14

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-12: Indebtedness of Towns and Cities

Text

§ 45-12-14. Replacement of lost or destroyed bond or note — Bond to indemnify city or town.

Whenever the board is satisfied that any bond or note of the city or town has been lost or destroyed, the board may upon payment to it by the owner or holder of the bond or note, of a sum that it deems necessary to cover the actual expense involved and under such regulations and with such restrictions that it may prescribe, order the city treasurer or town treasurer and/or other officers of the city or town that the board may designate to issue a duplicate of the bond or note, payable at the same time, bearing the same rate of interest as the lost or destroyed bond or note, and marked as to show the number, if known, and date of the original bond or note. But no duplicate shall be issued until the owner of the lost or destroyed bond or note gives to the city treasurer or town treasurer a bond in double the amount of the lost or destroyed bond or note and of the interest which would accrue until the principal is due and payable, with two (2) sufficient sureties, both residents of the state, or with a surety company authorized to do business in this state, approved by the board, conditioned to indemnify and save harmless the city or town from any claim or demand on account of the lost or destroyed bond or note.

Legislative History

G.L. 1938, ch. 329, § 37; P.L. 1939, ch. 668, § 2; G.L. 1956, § 45-12-14; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.