Turnpike bonds shall bear interest, payable on occasions prescribed by the State Fiscal Accountability Authority, at a rate not exceeding the maximum prescribed by Section 11-9-350. Each issue of turnpike bonds shall mature on the occasion prescribed by the State Fiscal Accountability Authority, not exceeding forty years from the date the bonds bear. Turnpike bonds may, in the discretion of the State Fiscal Accountability Authority, be made subject to redemption at par and accrued interest, plus such redemption premium as it approves and on occasions and under conditions it prescribes. Turnpike bonds are not redeemable before maturity unless they contain a statement to that effect.
HISTORY: 1962 Code Section 33-220.11; 1972 (57) 3013; 1980 Act No. 449; 1985 Act No. 201, Part II, Section 84C.
Editor's Note
Section 11-9-350, which prescribed the rate of interest on obligations of the State or subdivisions, was repealed by 1989 Act No. 122, Section 1, effective May 31, 1989. Comparable provisions appear in Section 11-9-360.