§ 46-25-39. Temporary notes.
(a) The general treasurer is hereby authorized and empowered, with the approval of the
governor, and in accordance with provisions of this chapter, to borrow upon temporary
notes issued in anticipation of the issuance of the bonds, from time to time, in the
name and behalf of the state, sums of money for the purposes set forth in § 46-25-4.
(b) The notes shall be signed by the general treasurer and countersigned by the secretary
of state, and shall be issued at such time or times in such amounts, at such rates
of interest, with such provisions of prepayment, with or without prem
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§ 46-25-39. Temporary notes.
(a) The general treasurer is hereby authorized and empowered, with the approval of the
governor, and in accordance with provisions of this chapter, to borrow upon temporary
notes issued in anticipation of the issuance of the bonds, from time to time, in the
name and behalf of the state, sums of money for the purposes set forth in § 46-25-4.
(b) The notes shall be signed by the general treasurer and countersigned by the secretary
of state, and shall be issued at such time or times in such amounts, at such rates
of interest, with such provisions of prepayment, with or without premium, acceleration,
and other terms as may be fixed by the general treasurer, with the approval of the
governor.
(c) The notes may be issued from time to time for periods not exceeding two (2) years,
and may be refunded or renewed from time to time, by the issue of other notes for
periods not exceeding two (2) years, but the notes, including all refundings and renewals
thereof, shall bear maturity dates not later than five (5) years from the date of
each original issue. The total sum of the terms of the notes plus the term of the
bonds, which the issuance of the notes anticipate, shall not exceed twenty-five (25)
years in duration.
(d) The proceeds of the sale of the notes, inclusive of any premiums and any accrued interest
which may be received from the sale thereof, shall be applied to the purposes for
which the notes are issued, and shall be deposited by the general treasurer in the
account described in § 46-25-38.