§ 5-1-6-7 — Sale and exchange of refunding bonds

(a) The refunding bonds may be sold or
exchanged in installments at different times, or an entire issue or series
may be sold or exchanged at one (1) time. Any issue or series of
refunding bonds may be exchanged in part or sold in part in
installments at different times or at one (1) time. The refunding bonds
may be sold or exchanged at any time, on, before, or after the maturity
of any of the outstanding notes, bonds, or other obligations to be
refinanced thereby.
(b) If the governing body determines to exchange any refunding
bonds, such refunding bonds may be exchanged privately for and in
payment and discharge of any of the outstanding notes, bonds or other
obligations of the issuing body issued to finance or to aid in financing
the acquisition, the construction, the improving, the refinancing, or the
improving and refinancing, of an enterprise. The refunding bonds may
be exchanged for a like or greater principal amount of such notes,
bonds or other obligations of the issuing body, except that the principal
amount of the refunding bonds may exceed the principal amount of
such outstanding notes, bonds, or other obligations to the extent
necessary or advisable, in the discretion of the governing body, to fund
interest in arrears or about to become due. The holder or holders of
such outstanding notes, bonds, or other obligations need not pay
accrued interest on the refunding bonds to be delivered in exchange
therefor if and to the extent that interest is due or accrued and unpaid
on such outstanding notes, bonds, or other obligations to be
surrendered.
(c) If the governing body determines to sell any refunding bonds,
such refunding bonds shall be sold at not less than par at public sale in
such manner and upon such terms as the governing body shall deem
best for the interests of the issuing body.
[Pre-Local Government Recodification Citation:
19-8-7-7.]
As added by Acts 1980, P.L.8, SEC.10.