§ 14-360-311 — Borrowing of funds and revenue bonds - Refunding bonds

(a) The city may issue bonds under this subchapter for the purpose of refunding, at a rate or rates of interest not exceeding the maximum rate otherwise authorized in this section, any obligations of the city theretofore issued under this subchapter or under other authority or may authorize and deliver a single issue of bonds under this subchapter in part for the purpose of refunding such obligations and in part for the purpose of erecting and constructing buildings, structures, and other improvements authorized by this subchapter, or extensions, additions, or improvements thereto. (b) (1) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations. (2) If sold, the proceeds may be either applied to the payment of the obligations refunded or deposited in escrow for the retirement thereof. (c) All bonds issued under this subsection 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. (d) The city may provide that any refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations thereby refunded.

Legislative History

Acts 1959, No. 175, § 4; 1970, (Ex. Sess.), No. 34, § 1; 1975, No. 301, § 2; 1981, No. 425, § 41; A.S.A. 1947, § 74-522.