§ 5-1-7-1 — Contract with bond owner to pay matured bond by issuing redemption bond

Whenever the bond fund of any county or of any
township in this state is, for any reason, insufficient to pay the bonds
of such county or township or any of them, at the date of the maturity
thereof, together with the interest which shall have accrued thereon, the
board of commissioners of such county is hereby authorized to
represent and as representing the taxing district liable for the payment
of any such bond to enter into a contract with the owner of any such
bond to pay such matured bond by the issuance of a redemption bond,
in the same amount and at any rate of interest and to pay such
redemption bond and the accrued interest thereon, in not more than ten
(10) annual installments, in the manner and subject to the conditions
prescribed in this chapter.
[Pre-Local Government Recodification Citation:
17-3-82-1.]
As added by Acts 1980, P.L.8, SEC.12.