§ 7-14-2527

7-14-2527. Amortization bonds. (1) The term 'amortization bonds' means that form of bond on which a part of the principal is required to be paid each time interest becomes due and payable. (2) The part payment of principal increases with each following installment in the same amount the interest payment decreases so that the combined amount payable on principal and interest is the same on each interest payment date. (3) However, the final payment may vary in amount from the other payments to the extent resulting from disregarding fractional cents in the other payments. History: En. Sec. 7-306, Ch. 197, L. 1965; R.C.M. 1947, 32-3806(2).