§ 30-35-708 — Combined issues - procedures

Any such refunding bonds may
be issued to refund one or more issues of outstanding bonds of a county; 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. In the event that two or more issues of outstanding bonds of a county are to
be refunded by the issuance of a single issue of refunding bonds, as provided in this
section, the net interest cost and net effective interest rate on the bonds to be
refunded shall be computed as if all of said bonds had originally been combined as
a single issue aggregating the total of the smaller issues, and the results of this
computation shall be compared with the net interest cost and net effective interest
rate on the whole of the single refunding issue for purposes of determining the
necessity of submitting the question of issuing such refunding bonds to a vote of
the registered electors of the county.

Legislative History

Source: L. 81: Entire article added, p. 1480, � 1, effective June 8.