FSMC, TITLE 58.  COMPACT FUNDS FINANCING

CHAPTER 5
Compact Funds Financing

Editor’s note: Chapter 5, with subchapters I through VI, of this title were enacted by PL 5-121. Chapters 1 through 4 were reserved. Title 58 itself was not given a title by PL 5-121, but the chapter title designated reflects the name of the Act.

SUBCHAPTER IV
Payment, Cancellation and Redemption of Bonds

SECTIONS

§ 541. Method and time of payment.
§ 542. Perforation of Bonds to indicate payment.
§ 543. Destruction of Bonds after payment or cancellation.
§ 544. Redemption.
§ 545. Refunding Bonds.

§ 541. Method and time of payment.

The Secretary, directly or through FSM Fiscal Agents, or other duly authorized agents, shall, on the respective dates of maturity of all Bonds, or on the date fixed for the prior redemption of any thereof, or as soon thereafter as said Bonds are surrendered to him, or to any such FSM Fiscal Agent, or other duly authorized agent, pay the same or cause the same to be paid.

Source: PL 5-121 § 18.

§ 542. Perforation of Bonds to indicate payment.

Upon the payment of any Bond, the Secretary or FSM Fiscal Agent, or other duly authorized agent shall perforate the same with a suitable device in a manner to indicate such payment.

Source: PL 5-121 § 19.

§ 543. Destruction of Bonds after payment or cancellation.

The Secretary, or FSM Fiscal Agents, or other duly authorized agent, may destroy any or all Bonds which have been previously paid or canceled as provided herein.

Source: PL 5-121 § 20.

§ 544. Redemption.

Whenever the committee shall determine that any Bonds then outstanding, and which by their terms are subject to redemption prior to maturity, should be redeemed, and that money sufficient for such redemption will be available at the time proposed for such redemption, it may, by resolution, direct the Trustee to call and redeem any such Bonds, at a time specified in such resolution, and the Trustee shall thereupon give notice of such redemption and redeem the Bonds in accordance with the provisions for redemption provided for therein or in the Indenture.

Source: PL 5-121 § 21.

§ 545. Refunding bonds.

The committee may provide for the issuance, sale, or exchange of refunding bonds to redeem or retire any Bonds upon the terms, at the times and in the manner that it determines necessary and appropriate. Refunding bonds may be issued in a principal amount sufficient to pay all, or any part, of the principal amount of outstanding Bonds, the interest and premium, if any, thereon due upon call and redemption thereof prior to maturity and all expenses of the refunding. Issuance of refunding bonds may be authorized in a resolution.

Source: PL 5-121 § 22.