41-4511. Refunding bonds; procedures; terms
A. The authority may issue refunding bonds for the purpose of refinancing, paying and discharging all or any part of outstanding revenue bonds of the authority of any one or more or all outstanding issues or series.
B. Any refunding bonds issued by the authority shall be issued on the same terms and conditions and are subject to the same limitation established in this chapter for the issuance of the authority's bonds.
C. Any bonds that are refunded under this section shall be paid at maturity or on any permitted prior redemption date in the amounts, at the time and places and, if called before maturity, pursuant to any applicable notice provisions, as provided in the proceedings authorizing the issuance of the refunded bonds or otherwise relating to the bonds, except for any bond that is voluntarily surrendered for exchange or payment by the holder or owner.
D. Provision shall be made for paying the bonds refunded at the time provided in the resolution of the authority. The principal amount of the refunding bonds may exceed the principal amount of the refunded bonds and may be less than or the same as the principal amount of the bonds being refunded as long as provision is made for the payment of the refunded bonds.
E. The proceeds of any refunding bonds, excluding any accrued interest or premium derived from the sale of the refunding bonds, shall either be immediately applied to the retirement of the bonds being refunded or be placed in escrow in a commercial bank or trust company that possesses and is exercising trust powers and that is a member of the federal deposit insurance corporation to be applied to the payment of the principal of, interest on and any redemption premium due in connection with the refunded bonds. Refunding bond proceeds excluding any accrued interest and premium derived from the sale of the refunding bonds may be applied to the payment of expenses incidental to the refunding and the issuance of the refunding bonds.
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