(1)Any district in this state
may issue negotiable coupon bonds to be denominated refunding bonds for the
purpose of refunding any of the bonded indebtedness of such district, whether said
indebtedness is due or not due or has or may hereafter become payable or
redeemable at the option of such district, or by consent of the bondholders, or by
any lawful means, whether such bonded indebtedness be now existing or may
hereafter be created.
(2)The bonded indebtedness of any district outstanding at the time of the
inclusion of all such district's territory in another district, by reorganization,
consolidation, dissolution, or any other lawful means, may be refunded by action of
the board of trustees of the district, including such territory at the time of such
refunding, whether or
Free access — add to your briefcase to read the full text and ask questions with AI
(1) Any district in this state
may issue negotiable coupon bonds to be denominated refunding bonds for the
purpose of refunding any of the bonded indebtedness of such district, whether said
indebtedness is due or not due or has or may hereafter become payable or
redeemable at the option of such district, or by consent of the bondholders, or by
any lawful means, whether such bonded indebtedness be now existing or may
hereafter be created.
(2) The bonded indebtedness of any district outstanding at the time of the
inclusion of all such district's territory in another district, by reorganization,
consolidation, dissolution, or any other lawful means, may be refunded by action of
the board of trustees of the district, including such territory at the time of such
refunding, whether or not such indebtedness has been assumed by the district
including such territory.
(3) When an entire district having outstanding bonded indebtedness has
been divided and parts thereof included within two or more other districts by any
lawful means, the refunding of such indebtedness shall require affirmative action
by a majority of the members of the boards of trustees of each of the districts
within which any part of the territory of such district owing said indebtedness is
then included, except as is provided in this part 6 to the contrary.
(4) The bonded indebtedness of any district outstanding at the time any
territory of said district is detached therefrom by any lawful means, and which
district has retained its lawful corporate existence subsequent to the detachment
of such territory from said district, may be refunded by action of the board of
trustees of such district from which territory has been detached with or without
concurrence or action by the board of trustees of the district within which said
detached territory is included. Such districts from which territory has been
detached and which retain their corporate existence subsequent to detachment are
specifically exempted from the requirements and provisions of subsection (3) of
this section.
(5) Any such refunding bonds may be issued to refund any issues of
outstanding bonds; but no two or more issues of outstanding bonds may be
refunded by a single issue of refunding bonds unless the taxable property upon
which tax levies are being made for payment of each such outstanding issue of
bonds is identical to the taxable property on which such levies are being made for
the payment of all other outstanding bonds proposed to be refunded by such single
issue of refunding bonds.