§ 24-8-102 — Denominations; interest rate; redemption; sale and issuance procedures; recordation

Such bonds shall bear date and may be issued in such amounts and
bearing such rates of interest, not exceeding ten percent (10%)
per annum, as shall be determined by the governor and state
treasurer. They shall be redeemable at the option of the state
ten (10) years after date and payable twenty (20) years after
date. The interest shall be payable semiannually at the option
of the holder at the office of the state treasurer, or at such
bank in the city of New York as may be designated in the bonds.
They may be issued in denominations of five hundred ($500.00),
one thousand ($1,000.00), five thousand ($5,000.00) and ten
thousand ($10,000.00) dollars and shall be engraved and printed
under the direction of the governor and shall be signed by the
governor and attested by the secretary of state under the seal
of the state and countersigned by the state treasurer. Interest
coupons with lithographed facsimile signature of the state
treasurer may be attached to said bonds. At the request of the
holder, bonds may be registered with the state auditor. The
bonds shall be deposited until sold with the state treasurer and
when sold the proceeds of such bonds shall be paid into the
state treasury and be kept in a separate fund which shall be
known as state highway fund. Such bonds shall be in the form
determined by the governor and the treasurer and each bond shall
have endorsed thereon a certificate signed by the auditor and
secretary of state that the bond is issued pursuant to law and
is within the debt limit. Such bonds shall be numbered from one
(1) upward and shall be redeemable in that order. Before
issuance they are to be recorded in the office of the state
treasurer.