§ 952. Denominations; how issued

The bonds may be issued at one time, or in series from time to time, in any form permitted by law. Except for zero coupon bonds or capital appreciation bonds designated as such by the State Treasurer, with the approval of the Governor, each series shall be payable in substantially equal or diminishing amounts annually, the first of such annual payments to be made not later than five years after the date of such bonds and the last of the payments to be made not later than 20 years after the date. All bonds shall mature not later than 20 years after the date of such bonds. The principal, interest, investment returns and maturity value of such bonds shall be payable in lawful money of the United States or of the country in which the bonds were sold and for such payments the full faith and credit of the State are hereby pledged. Such bonds shall be signed by the State Treasurer or his or her deputy and countersigned by the manual or facsimile signature of the Secretary of State or his or her deputy, and shall bear the Seal of the State or a facsimile thereof and the interest coupons thereon shall bear the facsimile signature of the State Treasurer. Such bonds shall be registered as provided by this subchapter. The date of issuance, place of payment, rate of interest (which may be fixed or variable), or the manner of determining such rate of interest, original stated value, investment returns or manner of determining the same, maturity value, time of maturity, provisions with respect to redemption prior to maturity, at par or at a premium, sinking fund and reserve requirements, and other particulars as to the form of such bonds, within the limitations mentioned herein, shall be determined by the State Treasurer with the approval of the Governor as he or she may deem for the best interests of the State. Such bonds shall contain on the face thereof the statement that they are issued for the purposes mentioned in, under the authority of, and in conformity with the authorizing act, and that the form and other particulars and details thereof have been duly determined by the State Treasurer, with the approval of the Governor; and such statement shall be conclusive evidence of the liability of the State to any bona fide holder thereof, and the bonds so issued shall be the lawful obligations of the State. (Added 1959, No. 24, § 2, eff. March 10, 1959; amended 1979, No. 205 (Adj. Sess.), § 156, eff. May 9, 1980; 1985, No. 125 (Adj. Sess.), § 1, eff. April 18, 1986; 1989, No. 276 (Adj. Sess.), § 22, June 20, 1990; 1993, No. 19, § 2, eff. May 11, 1993.)