§ 32-7-125 — Refunding bonds

Any general obligation bonds issued by any
service authority may be refunded without an election by the service authority
issuing them, or by any successor thereof, in the name of the service authority
which issued the bonds being refunded, but subject to provisions concerning their
payment and to any other contractual limitations in the proceedings authorizing
their issuance or otherwise appertaining thereto, by the issuance of bonds to
refund, pay, and discharge all or any part of such outstanding bonds, including any
interest on said bonds in arrears or about to become due, and for the purpose of
avoiding or terminating any default in the payment of interest on and principal of
said bonds, reducing interest costs or effecting other economies, or modifying or
eliminating restrictive contractual limitations appertaining to the issuance of
additional bonds or to any system appertaining thereto or for any combination of
the foregoing purposes. Refunding bonds may be delivered in exchange for the
outstanding bonds refunded or may be sold as provided in this article for an original
issue of bonds.

Legislative History

Source: L. 72: p. 470, � 1. C.R.S. 1963: � 89-25-25.