7-7-4272. Cancellation of bonds and coupons. (1) All bonds and interest coupons paid by the city treasurer or town clerk from time to time must be canceled by the treasurer or clerk. After cancellation, the treasurer or clerk shall deliver the bonds and coupons to the city or town clerk, with a report showing the numbers of the bonds and the amounts paid as principal and interest. The city treasurer or town clerk shall enter on the records of the registration of the bonds the date of the payment of the bonds and the coupons attached to the bonds.

(2) The city or town clerk shall exhibit the bonds and coupons, with the report, to the city or town council at its next regular meeting.