§ 41-10-142 — Refunding bonds

Any bonds issued under this act may be refunded without an
election pursuant to a resolution or resolutions to be adopted
by the board in the manner herein provided for the issuance of
other bonds, subject to any contractual limitations. Refunding
bonds so issued may be secured in such manner and may be made
payable from such sources as was provided in the resolution or
resolutions authorizing their issuance; provided, however, that
the security for the payment of the refunding bonds shall not be
greater than the security for the payment of the bonds refunded,
nor shall there be pledged for the payment of the refunding
bonds revenues which are not pledged for the payment of the
bonds refunded. Refunding bonds so issued may be sold at public
or private sale or may be exchanged dollar for dollar for the
bonds to be refunded. If sold, the proceeds of sale may be
escrowed for the payment of the bonds to be refunded in such
manner as may be provided in resolution authorizing the
refunding bonds.