644.551. Additional bonds, principal and interest, how and when paid--repurchase when.
Additional bonds, principal and interest, how and whenpaid--repurchase when.
644.551. All bonds herein authorized to be issued shall bepaid at maturity and all interest accruing thereon shall be paidwhen it falls due by the state treasurer, at a place designatedin the bonds and coupons attached. Thirty days before any of thebonds mature and any of the interest thereon falls due, it shallbe the duty of the board of fund commissioners to draw itsrequisition for the amount necessary to pay such interest on thebonds and the principal of maturing bonds and the necessaryexpenses to be incurred in transmitting such moneys. Whereuponthe commissioner of administration shall certify the amount tothe state auditor, and the state auditor shall issue his warrantupon the state treasurer therefor in favor of the president ofthe board of fund commissioners, payable out of the waterpollution control bond and interest fund; and the warrant sodrawn shall be delivered to the state treasurer who shalltransmit the amount of money therein specified to the payingagent named in the bonds with instructions to place such money tothe credit of the board of fund commissioners for the payment ofinterest or principal of such bonds. Whenever in the opinion ofthe board of fund commissioners it is advisable to do so, andthere are sufficient funds therefor, the board may redeem any ofthe bonds before maturity if the holders thereof agree thereto,and may also purchase any of the bonds in the open marketwhenever funds are available and in the opinion of the board itis to the advantage of the state to do so; but, in the event anyof the bonds are redeemed before maturity, the purchase priceshall not exceed the face value of said bonds plus accruedinterest not previously paid.
(L. 1973 S.B. 286 § 11)Effective 7-23-73
*Transferred 1986; formerly 204.551