§ 15-6-435 — Bonds; payment of principal and interest; redemption call

The city or town treasurer shall pay the principal and interest
on bonds issued out of the respective local improvement funds
from which they are payable. If there is sufficient money in any
local improvement fund over the amount required for the payment
of maturing principal and interest to pay the principal of one
(1) or more bonds, which are subject to redemption on the next
interest payment date, the treasurer shall call in and pay those
bonds in numerical order. Notice of the call shall be made by
publication in a newspaper of general circulation within the
city or town, or by mail to the holder, if known, not less than
fifteen (15) days prior to the date of call and shall state that
bonds no. .... (giving the serial number or numbers of the bonds
called) will be paid on the call day, and interest on those
bonds shall cease upon that date.