§ 21-17-420 — Repurchase of securities by board

Any bonds or other securities may be repurchased by the board
out of any funds available for that purpose at a price of not
more than the principal amount thereof and accrued interest,
plus the amount of the premium, if any, which might on the next
prior redemption date of the securities be paid to the holders
thereof if the securities should be called for redemption on
such date pursuant to their terms. All securities repurchased
shall be cancelled. If the securities may not be called for
prior redemption at the board's option within one (1) year from
the date of their purchase, they may be repurchased without
limitation as to price.