§ 35-15-4 - Issuance and sales of savings bonds.
SECTION 35-15-4
§ 35-15-4 Issuance and sales of savingsbonds. – In order to provide the people of the state: (1) with access to institutions ofhigher education; and (2) the financial means to purchase residential housing;there shall be issued with all bonds of the state, authorized by the provisionsof the general obligation bond acts, savings bonds in such amounts asdetermined by the general treasurer with the approval of the governor. Bonds tobe issued and sold as savings bonds shall be designated by the governor and thegeneral treasurer as "general obligation savings bonds" in the proceedingsauthorizing the issuance of the bonds, and shall be subject to all of the termsand provisions of the general obligation bond acts, except as provided in§§ 35-15-5 and 35-15-6 and except that savings bonds may bearinterest payable at such time or times, and may be sold in such a manner, andas may be determined by the governor and the general treasurer. Savings bondsmay be sold at a negotiated sale if the governor and general treasurerdetermine that a negotiated sale will result in either a more efficient andeconomic sale of the savings bonds or greater access to the savings bonds byresidents in the state. If any savings bonds are sold at a negotiated sale, theunderwriter or underwriters to which the bonds are sold shall, in the judgmentof the general treasurer, have sufficient capability to make a broaddistribution of the bonds to investors resident in the state. The aggregateoriginal principal amount of the bonds will be the sole and exclusive test fordetermining whether general obligation bonds have been issued in the amountsapproved by the vote of the people in the general obligation bond acts. Inmaking these determinations, the interest component of the savings bonds shallbe disregarded.