§ 37-26-101 — Refunding bonds may be issued

The board of directors of any
drainage district in this state has the power, under the conditions in this article, to
issue negotiable coupon bonds to be denominated refunding bonds for the
purpose of paying, redeeming, or compromising outstanding bonds of the district
and any unpaid matured interest on such outstanding bonds, whether such
outstanding bonds are due or not, or payable at the option of the district or by
consent of the bondholders, and whether such bonds are outstanding or are issued
on or after April 24, 1933. Such refunding bonds shall not exceed in amount the
principal sum of the bonds outstanding and the unpaid matured interest thereon at
the time of the issue of the refunding bonds. The rate of interest on such refunding
bonds shall not exceed the rate on the bonds so refunded, and in no event shall
interest exceed six percent per annum. Such refunding bonds may be issued and
used to redeem or compromise all or any part of one or more issues of bonds
outstanding at the time of refunding, together with unpaid matured interest
thereon.

Legislative History

Source: L. 33: p. 450, � 1. CSA: C. 57, � 95. CRS 53: � 47-7-1. C.R.S. 1963: � 47-7-1.