§ 11-36-303. Bond payment and cancellation.

The municipality shall have the right to call in and pay the bonds or any number thereof in the following manner:  Whenever there shall be sufficient funds in the hands of the municipal treasurer after the payment of all interest due and to become due within the next six (6) months, the treasurer, on or before March 10 and September 10 of any year, shall give notice by certified mail addressed to the last registered holder of the bonds called at the address appearing on his registry, that there has accumulated funds sufficient to pay the designated bonds and interest thereon to April 1 next or October 1 next, as the case may be, and directing the presentation of the bonds for payment and cancellation.  The bonds which are called will cease to bear interest after April 1 or October 1, as provided in the notice.  Upon the payment and cancellation of the bonds, proper entry thereof shall be made upon the books of the clerk and treasurer.  Upon the accumulation of sufficient funds as herein provided to pay one or more bonds, the municipal treasurer shall call and pay such bonds, and in the event of failure to do so, he shall be liable for all such damages as may result therefrom.  The provisions of this section may be enforced by appropriate proceedings in mandamus against the treasurer.

Laws 1977, c. 256, § 36-303, eff. July 1, 1978.