§ 32-7-126 — Limitations upon issuance

No general obligation or revenue
bonds may be refunded unless the holders thereof voluntarily surrender them for
exchange or payment, or unless they either mature or are callable for prior
redemption under their terms within ten years from the date of issuance of the
refunding bonds. Provision shall be made for paying the bonds refunded within said
period of time. No maturity of any bond refunded may be extended over fifteen
years. The interest rate on such refunding bonds shall be determined by the board.
The principal amount of the refunding bonds may exceed the principal amount of
the refunded bonds if the aggregate principal and interest costs of the refunding
bonds do not exceed such unaccrued costs of the bonds refunded, except to the
extent any interest on the bonds refunded in arrears or about to become due is
capitalized with the proceeds of refunding bonds. The principal amount of the
refunding bonds may also be less than or the same as the principal amount of the
bonds being refunded so long as provision is duly and sufficiently made for the
payment of the refunded bonds.

Legislative History

Source: L. 72: p. 470, � 1. C.R.S. 1963: � 89-25-26.