SEC. 57-4-7. Contributions made as loans to be evidenced by negotiable promissory notes.
All contributions made as loans by the state under the provisions of this chapter shall be evidenced by negotiable promissory notes of the political subdivision to be in such standard form and content of acceptable banking standards, shall mature at such time, to bear interest as hereinafter provided, and shall bear the signature of the president or presiding officer and the clerk or secretary of the political subdivision and the official seal.
SOURCES: Laws, 1977, ch. 492, Sec. 1(4), eff from and after passage (approved April 15, 1977).