(1)Any bonds issued pursuant to the provisions of this
article and at any time outstanding may be refunded at any time and from time to
time by a county or municipality by the issuance of its refunding bonds in such
amount as the governing body may determine to refund the principal of the bonds
to be so refunded, all accrued and unaccrued interest thereon to the normal
maturity dates of such bonds or to the prior redemption dates selected by the
county or municipality in accordance with the proceedings under which the bonds
to be refunded were issued, including any mortgage or trust indenture given to
secure the same, and any premiums and incidental expenses necessary to be paid
in connection therewith. The principal amount of any such refunding bonds may be
equal to, less than,
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(1) Any bonds issued pursuant to the provisions of this
article and at any time outstanding may be refunded at any time and from time to
time by a county or municipality by the issuance of its refunding bonds in such
amount as the governing body may determine to refund the principal of the bonds
to be so refunded, all accrued and unaccrued interest thereon to the normal
maturity dates of such bonds or to the prior redemption dates selected by the
county or municipality in accordance with the proceedings under which the bonds
to be refunded were issued, including any mortgage or trust indenture given to
secure the same, and any premiums and incidental expenses necessary to be paid
in connection therewith. The principal amount of any such refunding bonds may be
equal to, less than, or greater than the principal amount of the bonds to be so
refunded. The net effective interest rate on any such refunding bonds may be equal
to, less than, or greater than the net effective interest rate on the bonds to be so
refunded.
(2) Any such refunding may be effected, whether the bonds to be refunded
have matured or shall mature thereafter, either by sale of the refunding bonds and
the application of the proceeds thereof, directly or indirectly, to the payment of the
bonds to be refunded thereby or by exchange of the refunding bonds for the bonds
to be refunded thereby, but the holders of any bonds to be so refunded shall not be
compelled, without their consent, to surrender their bonds for payment or exchange
prior to the date on which they are payable at normal maturity date or prior
redemption date selected by the county or municipality in accordance with the
proceedings under which the bonds to be refunded were issued, including any
mortgage or trust indenture given to secure the same.
(3) The proceeds of the refunding bonds shall either be immediately applied
to the retirement of the bonds to be so refunded or be placed in escrow in any state
or national bank within or without this state which possesses and is exercising trust
powers to be applied to the payment of the bonds being refunded or the refunding
bonds or both upon their presentation therefor, to the extent, in such priority, and
otherwise in the manner in which the county or municipality may determine. Except
to the extent expressly inconsistent with the provisions of this article, the
proceedings under which the bonds to be so refunded were issued, including any
mortgage or trust indenture given to secure the same, shall govern the issuance of
such refunding bonds, the establishment of any escrow in connection therewith,
and the investment and reinvestment of any escrowed proceeds.
(4) All refunding bonds issued under authority of this article shall be payable
solely from revenues out of which the bonds to be refunded thereby are payable or
from revenues out of which bonds of the same character may be made payable
under this article or any other law in effect at the time of the refunding or from the
escrowed proceeds of such refunding bonds, including any proceeds realized from
the investment and reinvestment of such escrowed proceeds.