§ 16-5-105 — General prerequisites and limitations

No public securities may be refunded hereunder unless the
holders voluntarily surrender them for exchange or payment, or
unless they either mature or are callable for prior redemption
under their terms within twenty-five (25) years from the date of
issuance of the refunding public securities. Provision shall be
made for paying the public securities being refunded within the
stated period of time. No maturity of public security being
refunded may be extended over twenty-five (25) years. No public
security may be refunded hereunder unless the public security
has been outstanding for at least one (1) year since the date of
its delivery. The principal amount of the refunding public
securities may not exceed the original authorized principal
amount of the public securities being refunded. The principal
amount of the refunding public securities may be less than or
the same as the principal amount of the public securities being
refunded so long as provision is duly and sufficiently made for
the payment of the public securities being refunded.