(a) Bonds may be issued for the purpose of refunding any obligations issued under this subchapter or otherwise. The refunding bonds may be combined with bonds issued under the provisions of ยง 25-20-310 into a single issue.
(b) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations. If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof either at maturity or upon any authorized redemption date.
(c) (1) All bonds issued under this section shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this subchapter and shall have all the attributes of such bonds.
(2) The resolution or indenture under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded thereby.
Section: Previous 25-20-305 25-20-306 25-20-307 25-20-308 25-20-309 25-20-310 25-20-311 25-20-312 25-20-313 25-20-314 25-20-315 25-20-316 25-20-317 25-20-318 25-20-319 NextLast modified: November 15, 2016