§ 419.6 — Refunding bonds

Iowa § 419.6

• Jurisdiction: Iowa
• Title IX: LOCAL GOVERNMENT
• Ch. 419: MUNICIPAL SUPPORT OF PROJECTS

Text

Any bonds, issued under the provisions of this chapter and at any time outstanding, may at
any time and from time to time be refunded by a municipality by the issuance of its refunding
bonds in such amount as the governing body may deem necessary but not exceeding an
amount sufficient to refund the principal of the bonds to be so refunded, any unpaid interest
thereon and any premiums and commissions necessary to be paid in connection therewith.
Any such refunding may be effected whether the bonds to be refunded shall have matured
or shall thereafter mature, either by sale of the refunding bonds and the application of the
proceeds thereof for 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 by maturity date, option
to redeem or otherwise, or if they are called for redemption, prior to the date on which they
are by their terms subject to redemption by option or otherwise. All refunding bonds, issued
under authority of this chapter, shall be payable solely from the revenues out of which the
bonds to be refunded thereby are payable and shall be subject to the provisions contained in
section 419.3 and may be secured in accordance with the provisions of section 419.4.

Legislative History

[C66, 71, 73, 75, 77, 79, 81, §419.6]