§ 39-18-15. Refunding bonds.
(a) The authority is hereby authorized to provide for the issuance of bonds of the authority
for the purpose of refunding any bonds of the authority, including temporary notes,
then outstanding, including the payment of any redemption premium thereon and any
interest accrued or to accrue to the date of redemption of the bonds.
(b) The proceeds of any bonds issued for the purpose of refunding outstanding bonds may,
in the discretion of the authority, be applied to the purchase or retirement at maturity
or redemption of the outstanding bonds either on their earliest or any subsequ
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§ 39-18-15. Refunding bonds.
(a) The authority is hereby authorized to provide for the issuance of bonds of the authority
for the purpose of refunding any bonds of the authority, including temporary notes,
then outstanding, including the payment of any redemption premium thereon and any
interest accrued or to accrue to the date of redemption of the bonds.
(b) The proceeds of any bonds issued for the purpose of refunding outstanding bonds may,
in the discretion of the authority, be applied to the purchase or retirement at maturity
or redemption of the outstanding bonds either on their earliest or any subsequent
redemption date or upon the purchase or at the maturity thereof, and may, pending
application, be placed in escrow to be applied to the purchase or retirement at maturity
or redemption on such date as may be determined by the authority.
(c) Any escrowed proceeds, pending such use, may be invested and reinvested in direct
obligations of the United States of America, or in certificates of deposit or time
deposits secured by direct obligations of the United States of America, maturing at
such time or times as shall be appropriate to ensure the prompt payment, as to principal,
interest, and redemption premium, if any, of the outstanding bonds to be so refunded.
The interest, income, and profits, if any, earned or realized on any investment may
also be applied to payment of the outstanding bonds to be so refunded. After the terms
of the escrow have been fully satisfied and carried out, any balance of the proceeds
and interest, income, and profits, if any, earned or realized on the investments thereof
may be returned to the authority for use by it in any lawful manner.
(d) All bonds shall be issued and secured and shall be subject to the provisions of this
chapter in the same manner and to the same extent as other bonds issued pursuant to
this chapter.