§ 5-1-9-1 — Issuance; purpose; restrictions

Any city or town whose indebtedness is
evidenced by bonds, notes, judgments, or other obligations issued,
rendered, or negotiated by the city or town, may, for the purpose of
funding or refunding the indebtedness, or any part thereof, reducing the
rate of interest thereon, extending the time of payment and cancelling
so much thereof as may be or become due, by the vote of two-thirds
(2/3) of the members of the fiscal body of the city or town, issue its
bonds, for an amount not exceeding in the aggregate the whole amount
of the indebtedness of the city or town.
[Pre-Local Government Recodification Citation: 18-1-19-1
part.]
As added by Acts 1980, P.L.8, SEC.15. Amended by
P.L.8-1989, SEC.16.