§ 9-4-903 — Sale or exchange; price; application of proceeds

The governor and state treasurer may sell refunding bonds at a
price not less than the par value thereof and shall apply the
proceeds thereof solely to the payment of a like amount of the
bonds to be refunded or refunding bonds may be exchanged for a
like amount of outstanding bonds. Refunding bonds may be sold or
exchanged all at one time, or singly, or in blocks from time to
time as determined by the governor and state treasurer, but they
shall not be issued unless and until a like amount of
outstanding bonds can be paid, redeemed and cancelled.