(a) Whenever mutually agreeable to the respective boards of trustees, the State Board of Finance may sell and the retirement systems may purchase first lien serial coupon bonds of local industrial development corporations.
(b) Payment under any sale and purchase agreement may be effected in the State Treasury by charging the proper retirement fund with the purchase price thereof and by delivery of the securities to the custodian of the system.
(c) In the event of default in payment of the principal of or interest on bonds of industrial development corporations, the State Board of Finance shall repurchase the obligations immediately after being called upon to do so by the system. The transaction may be effected in the State Treasury by crediting the retirement system fund with the purchase price thereof and by delivery of the securities to the custodian of securities for the State Board of Finance for credit of the par value thereof to the Securities Account.
(d) The amount of the accrued interest due upon any repurchase or original sale shall be charged or credited, as the case may be, to the Securities Reserve Fund.
(e) The sale and purchase price, and the resale and repurchase price, of first lien serial coupon bonds of industrial development corporations shall be the par value of those obligations, plus accrued interest.