Sec. 13a-187. Terms of bonds. Sale.
255 words·~1 min read·
/ct/title-13a/chapter-240-highway-financing/13a-187·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)All of said securities of any such series shall be payable at such place or places as may be determined by the Treasurer pursuant to section 3-19 and shall bear such date or dates, mature at such time or times not exceeding twenty years from their respective dates, bear interest at such rate or different or varying rates and payable at such time or times, be in such denominations, be in such form with or without interest coupons attached, carry such registration, conversion and transfer privileges, be payable in such medium of payment and be subject to such terms of redemption with or without premium as, irrespective of the provisions of section 3-20 , may be provided in the determination authorizing the same or fixed in accordance therewith.
(b)Except as otherwise expressly provided in sections 13a-184 to 13a-197 , inclusive, all of said securities shall be issued in accordance with said section 3-20 and be sold at a price not less than the principal amount thereof plus accrued interest, and, except as otherwise directed by or pursuant to said sections 13a-184 to 13a-197 , inclusive, the proceeds of any sale of said securities shall be deposited in a special fund and used and applied as provided in said section 3-20 . Pending the use or application of any such proceeds as hereinabove directed, such proceeds may be invested by the Treasurer in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States.