§ 11-37-231. Bond payment and cancellation.

The municipality shall have the right to call and pay in numerical order 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 upon the 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 bond or bonds for payment and cancellation.  The bond or 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 bond or bonds, proper entry thereof shall be made upon the books of the clerk and treasurer or appointed agent.  Upon the accumulation of sufficient funds as herein provided, the municipal treasurer shall pay the bonds so called 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.

Amended by Laws 1983, c. 170, § 20, eff. July 1, 1983.