13:1 Application for Assistance. – Any town, city or county which is or shall hereafter be unable to finance the ordinary needs of government, or to meet outstanding or maturing obligations to pay, owing to the inability to collect taxes already assessed, or the extraordinary demands made upon it for unemployment relief, and which […]
13:2 Emergency Certificates. – If, upon investigation, the governor and council shall determine that an emergency exists in such town, city or county, and that such town, city or county is unable to borrow money through the usual banking channels, upon reasonable conditions as regards payment of interest or otherwise, or is prevented by […]
13:3 Issuance of Notes or Bonds. – Said notes or bonds, when issued, shall be legal obligations of said town, city or county and shall be executed and issued in the manner now provided by law for the execution and issuance of notes or bonds by such political subdivisions, but the governor and council […]
13:4 Distribution of Proceeds of Loans; Fiscal Agent. – All money realized from such emergency loans shall be deposited with the state treasurer or in such banks as the governor and council may determine, and shall be paid over to the disbursing officer of such town, city or county only on the order of […]
13:5 Orders Countersigned. – If in the opinion of the governor and council it shall become necessary, they are hereby authorized, at any time before said loans are paid, to empower the fiscal agent appointed by the governor to countersign all warrants or orders for the payment of any money drawn upon any funds […]
13:6 Conditions Imposed. – The governor and council, before such certificate is issued or the payment of such loans is guaranteed by the state, may impose such further restrictions, conditions and stipulations as will protect the state’s interest and insure an orderly, economical and efficient conduct of the fiscal affairs of the political subdivision […]
13:7 Expenses. – All expenses incident to the making of said loans or the compensation of any fiscal agent shall be paid from the proceeds of such loans on order of the governor. Source. 1933, 63:7. 1945, 112:1, eff. April 4, 1945.
