§ 16-5-106 — Limitations on number of issues

A public body may issue refunding public securities to refund
one (1) or more or any part of one (1) or more or all issues of
its public securities which are outstanding, and refunding
public securities and public securities authorized for any other
purposes may be issued separately or issued in combination in
one (1) series or more by any issuer except as hereafter
provided. No two (2) or more issues or parts of issues of
outstanding public securities shall be refunded by a single
issue of refunding public securities unless the taxable property
upon which tax levies are being made for payment of the
outstanding public securities is identical to the taxable
property on which the levies are being made for the payment of
all other outstanding public securities proposed to be refunded
by the single issue of refunding public securities. No two (2)
or more issues or parts of issues of outstanding public
securities or refunding public securities and public securities
authorized for any other purposes shall be combined in one (1)
issue where more than one (1) constitutional or statutory debt
limitation is applicable to the combination.