§ 31-25-47. Agreements or contracts for safekeeping of municipal bonds or other investments
The bank may enter into agreements or contracts with any bank, trust companies, banking or financial institutions within or without the state as may be necessary, desirable or convenient in the opinion of the bank for rendering services to the bank in connection with the care, custody or safekeeping of municipal bonds or other investments […]
§ 31-25-49. Reservation of State power
The state does hereby pledge to and agree with the holders of any bonds issued by the bank under this act that the state will not limit or alter the rights hereby vested in the bank to fulfill the terms of any agreements made with the said holders thereof or in any way impair the […]
§ 31-25-51. Bonds of bank as legal investments; authorized investments by bank
The bonds of the bank shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations, trust companies, savings banks and savings associations, including savings and loan associations, building and loan associations, investment companies and other persons carrying […]
§ 31-25-53. Chapter provisions as cumulative
Neither this act nor anything herein contained is or shall be construed as a restriction or limitation upon any powers which the bank might otherwise have under any laws of this state, and this act is cumulative to any such powers. This act does and shall be construed to provide complete additional and alternative method […]
§ 31-25-55. Savings clause
If any section, subsection, paragraph, sentence, clause or provision of this act shall be unconstitutional or ineffective, in whole or in part, to the extent that it is not unconstitutional or ineffective, it shall be valid and effective and no other section, subdivision, paragraph, sentence, clause or provision shall on account thereof be deemed invalid […]
§ 31-25-28. Purpose for which loan may be made
Local governmental units may borrow money or receive grants from the bank for any of the purposes set forth in this section or Section 31-25-20(g) and pay to the bank such fees and charges for services as the bank may prescribe. Whenever any such loan is made to a local governmental unit, such local governmental […]
§ 31-25-29. Intergovernmental cooperation
The bank may obtain the aid and cooperation of the local governmental units, including those not being assisted by the bank through the purchase of the municipal securities thereof, and the bank and such local governmental units shall have the power to enter into such agreements and arrangements as they deem necessary or advisable to […]
§ 31-25-31. Bonds issued by Bank as general or special obligations of Bank; issuance of bonds as affecting State’s obligation to levy or collect taxes or assessments; liability of State for payment of principal or interest
Except as otherwise provided in subsection (2) of this section, bonds issued by the bank under this chapter shall be general obligations of the bank or, if the resolution of the board authorizing their issuance shall so provide, shall be special obligations thereof payable solely from payments of principal, interest and redemption payments on the […]
§ 31-25-33. Exemption from taxation
As set forth in the declaration of finding and purpose herein, the bank will be performing an essential governmental function in the exercise of the powers conferred upon it by this act, and the bonds of the bank issued pursuant to this act, and the income therefrom including any profit made on the sale thereof […]
§ 31-25-35. Report; audit of books and accounts
The bank shall submit to the Governor within ninety (90) days after the end of its fiscal year a complete and detailed report setting forth: Its operations and accomplishments; Its receipts and expenditures during such fiscal year; Its assets, including an itemized list of municipal securities held by it, and liabilities at the end of […]