§ 16-5-103 — Authority to refund; purposes therefor

(a) Any public security or securities issued by any public
body of the state may be refunded, without an election, by the
public body which issued them, or any successor thereof, in the
name of the public body which issued the public securities being
refunded, but subject to provisions concerning their payment and
to any other contractual limitations in the proceedings
authorizing their issuance or otherwise appertaining thereto,
for any one (1) or more of the following purposes:
(i) For extending the maturities of all or any part
of outstanding public securities for which payment is in
arrears, or for which there is not, or it is certain there will
not be, sufficient money to pay the principal or interest on
outstanding public securities as the same respectively become
due;
(ii) For reducing interest costs or effecting other
economies;
(iii) For reorganizing all or any part of the
outstanding public securities of a public body in order to
equalize tax levies.