§ 15-8-105 — Sale or exchange; consideration acceptable; proceeds; redemption notice

The bonds shall be sold for cash, or may be sold or exchanged
for any other city or town indebtedness for the redemption of
which they were issued, but no bonds may be sold or exchanged
for less than their par value and the accrued interest at the
time of disposal. No city or town indebtedness may be redeemed
for more than its face value and the interest due. If part of
the bonds are sold for money, the proceeds shall be applied
exclusively toward the redemption of the indebtedness for which
the bonds were issued. The treasurer of the city or town shall
give notice of his readiness to redeem the indebtedness and that
the interest on it shall cease after thirty (30) days from the
date of the notice.