§ 23-71-605 — Sale - proceeds - amounts

Such refunding bonds may be
exchanged for the bonds to be refunded, or they may be sold at, above, or below
their par value; but such refunding bonds shall be exchanged or sold at a price such
that the net interest cost and the net effective interest rate for the issue of
refunding bonds does not exceed the net interest cost and the net effective
interest rate of the outstanding bonds to be refunded or the maximum net effective
interest rate and net interest cost approved by the voters, as the case may be. Such
refunding bonds shall be in a principal amount not exceeding the principal amount
of the bonds to be refunded, as directed by the board of trustees, and the proceeds
thereof shall be applied only to the purpose for which such refunding bonds were
issued. The principal amount of said refunding bonds may be the same as or less
than the principal amount of the bonds to be refunded, if due, adequate, and
sufficient provision has been made for the payment or redemption and retirement
of said bonds to be refunded and the payment of the interest accruing thereon in
accordance with this part 6.

Legislative History

Source: L. 75: Entire article added, p. 779, � 1, effective July 1. L. 86: Entire section amended, p. 869, � 64, effective July 1.