Whenever a city or town has purchased any of its own outstanding bonds for investment in its sinking fund, the city or town may at the option of the sinking fund commission, if any, or by vote of the town council or city council, retire and permanently cancel the bonds, and upon that retirement all interest payments on the cancelled bonds shall cease.
R.I. Gen. Laws § 45-12-9
Retirement of bonds in sinking fund
P.L. 1935, ch. 2211, § 3; G.L. 1938, ch. 329, § 22; G.L. 1956, § 45-12-9.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.