§ 5-1-5-5 — Principal amount; reserves to secure bonds

Refunding bonds may be issued in a principal
amount in excess of the principal amount of the bonds to be refunded.
The principal amount of the refunding bonds may 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 retirement or redemption
of such bonds to be refunded. Any reserves held to secure the bonds to
be refunded may be applied at the time the bonds to be refunded are
paid to the redemption or retirement of such bonds, or if other available
funds are sufficient and are used to retire and redeem such bonds, such
reserves may be pledged as security for the refunding bonds.
Formerly: Acts 1973, P.L.28, SEC.1.