§ 24-12-21 - Retirement of outstanding bridge revenue refunding bonds of Jamestown Bridge commission.
SECTION 24-12-21
§ 24-12-21 Retirement of outstandingbridge revenue refunding bonds of Jamestown Bridge commission. – Within three (3) months prior to the estimated date of opening for traffic ofthe Newport Bridge, but not earlier than December 31, 1965, and in caseprovision shall not theretofore have been made for the redemption of theoutstanding bridge revenue refunding bonds of the Jamestown Bridge commissionthrough the operation of the sinking fund for the bonds, the authority mayissue its revenue bonds in an amount sufficient, with other funds available forsuch purposes, to provide for the redemption of all of the outstanding bonds ontheir earliest redemption date, including the principal amount of the bonds,the premium required to be paid upon the principal amount on the redemptiondate and the interest to accrue on the principal amount to the redemption date,and upon there being deposited with the trustee under the trust indenturesecuring the outstanding bridge revenue refunding bonds an amount sufficient,with other funds available for the purpose, to provide for the redemption, allother money then held by the trustee under the trust indenture shall betransferred to the appropriate funds created under the provisions of theresolution of trust agreement securing the revenue bonds of the authority.