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cross or check mark placed within a corresponding square below the | | word "Yes" or "No." The ballots must be received, sorted, counted | | and declared in open ward, town and plantation meetings and returns | | made to the Secretary of State in the same manner as votes for | | members of the Legislature. The Governor shall review the returns | | and, if a majority of the legal votes are cast in favor of this | | Part, the Governor shall proclaim the result without delay, and | | this Part becomes effective 30 days after the date of the | | proclamation. |
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| | | The Secretary of State shall prepare and furnish to each city, | | town and plantation all ballots, returns and copies of this Part | | necessary to carry out the purposes of this referendum. |
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| | | Sec. B-1. Authorization of bonds. The Treasurer of State is | | authorized, under the direction of the Governor, to issue bonds | | in the name and on behalf of the State in an amount not exceeding | | $6,950,000 for the purposes described in section 6 of this Part. | | The bonds are a pledge of the full faith and credit of the State. | | The bonds may not run for a period longer than 10 years from the | | date of the original issue of the bonds. At the discretion of | | the Treasurer of State, with the approval of the Governor, any | | issuance of bonds may contain a call feature. |
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| | | Sec. B-2. Records of bonds issued kept by Treasurer of State. The Treasurer of | | State shall keep an account of each bond showing the number of | | the bond, the name of the successful bidder to whom sold, the | | amount received for the bond, the date of sale and the date when | | payable. |
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| | | Sec. B-3. Sale; how negotiated; proceeds appropriated. The Treasurer of | | State may negotiate the sale of the bonds by direction of the | | Governor, but no bond may be loaned, pledged or hypothecated on | | behalf of the State. The proceeds of the sale of the bonds, | | which must be held by the Treasurer of State and paid by the | | Treasurer of State upon warrants drawn by the State Controller, | | are appropriated solely for the purposes set forth in this Part. | | Any unencumbered balances remaining at the completion of the | | project in this Part lapse to the debt service account | | established for the retirement of these bonds. |
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| | | Sec. B-4. Interest and debt retirement. The Treasurer of State shall pay | | interest due or accruing on any bonds issued under this Part and | | all sums coming due for payment of bonds at maturity. |
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