§ 35-2-432 — Refunding securities

(a) Any securities of the board of a hospital district
issued hereunder or pursuant to any other act and payable from
any pledged revenues may be refunded by the board by the
adoption of a resolution or resolutions by the board authorizing
the issuance of securities at public or private sale:
(i) To refund, pay, and discharge all or any part of
such outstanding securities of any one (1) or more or all
outstanding issues, including any interest thereon in arrears,
or about to become due for any period not exceeding three (3)
years from the date of the refunding securities; or
(ii) For the purpose of reducing interest costs or
effecting other economies; or
(iii) For the purpose of modifying or eliminating
restrictive contractual limitations appertaining to the issuance
of additional bonds, otherwise concerning the outstanding
securities, or to any facilities appertaining thereto; or
(iv) For the purpose of avoiding or terminating any
default; or
(v) For any combination thereof.
(b) Nothing contained in this act nor in any other law of
this state shall be construed to permit the board to call
securities now or hereafter outstanding for prior redemption in
order to refund such securities or in order to pay them prior to
their stated maturities, unless the right to call such
securities for prior redemption was specifically reserved and
stated in such securities at the time of their issuance.
(c) Except as provided in this section, refunding
securities shall be subject to the same rights, liabilities,
conditions and covenants as are provided for the securities
contained in this act.