SEC. 37-47-45. Maturity of bonds.
All bonds issued under the authority of this chapter shall mature annually. None of such bonds shall have a final maturity date of more than twenty (20) years from the date of the issuance thereof, and in no event shall the final maturity date of any such bonds be later than July 1, 2004. In issuing such bonds, the state bond commission shall be authorized and empowered to provide maturities therefor in such amounts and at such times as the state bond commission shall deem appropriate, proper and feasible. No bonds shall be issued and sold under the provisions of this chapter for less than par and accrued interest.
SOURCES: Codes, 1942, Sec. 6247-16; Laws, 1953, Ex Sess, ch. 13, Sec. 16; 1960, ch. 294, Sec. 3; 1964, ch. 385, Sec. 3; 1968, ch. 391, Sec. 3; 1972, ch. 465, Sec. 3; 1978, ch. 503, Sec. 5, eff from and after July 1, 1978.