Section 9-14B-11

Refunding bonds. THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION HAS NOT BEEN CODIFIED BY THE LEGISLATURE.

(a) Any bonds issued by the authority from time to time may be refunded by the issuance, sale, or exchange of refunding bonds for the purpose of paying:

(1) All or any part of the principal of the bonds to be refunded.

(2) Any redemption premium required to be paid as a condition to the redemption prior to maturity of the bonds that are to be so redeemed in connection with the refunding.

(3) Any accrued and unpaid interest on the bonds to be refunded.

(4) Any interest to accrue on each bond to be refunded to the date on which it is to be paid, whether at maturity or by redemption prior to maturity.

(5) The expenses incurred in connection with the refunding.

(b) Any refunding bonds may be sold by the authority at public sale or sales in the same manner as provided in Section 9-14B-7. The refunding bonds may be executed and delivered by the authority at any time and from time to time, shall be in the form and denomination or denominations and of the tenor and maturity or maturities, shall contain the provisions not inconsistent with the provisions of this chapter, and shall bear the rate or rates of interest, payable at the place or places, either within or without the state, and evidenced in the manner, as may be provided by resolution of the authority.

(c) Any refunding bonds issued by the authority may be issued at the discretion of the authority, subject to the provisions of this chapter, without any separate authorization by the Legislature.

(Act 2001-972, 2001 3rd Sp. Sess., p. 884, §11.)