§ 3-33-41 — Improvement district; ordinance for refunding bonds;

conditions; sale or exchange. A. The ordinance authorizing the issuance of refunding bonds for an improvement district shall describe the: (1) details of the issue; (2) form of the refunding bonds and interest coupons, if any; (3) fund from which the principal and interest of the refunding bonds will be paid; and (4) manner in which the bonds are to be issued. B. The refunding bonds may: (1) be issued in an amount less than, equal to or greater than the principal amount of improvement district bonds being refunded; (2) not bear a rate of interest greater than the rate of interest borne by the assessments providing security for the refunding bonds if secured by assessments; (3) become due and payable in regular numerical order; (4) not be issued for a period of more than twenty years from the date of issuance; and (5) be payable from substitute security or from the same funds that were applicable to the payment of the bonds being refunded. C. The refunding bonds may be: (1) sold at a public or private sale at a discount; or (2) exchanged, dollar for dollar, for the improvement district bonds being refunded.

Legislative History

1953 Comp., § 14-32-36, enacted by Laws 1965, ch. 300; 1983, ch. 265, § 9;