8.667. Refunding of bonds authorized.
Refunding of bonds authorized.
8.667. 1. The revenue bonds issued pursuant to the provisions ofsections 8.660 to 8.670 may be refunded, in whole or in part, in any of thefollowing circumstances:
(1) When any such bonds have by their terms become due and payableand there are not sufficient funds in the interest and sinking fundprovided for their payment to pay such bonds and the interest thereon;
(2) When any such bonds are by their terms callable for payment andredemption in advance of their date of maturity and are duly called forpayment and redemption;
(3) When any such bonds are voluntarily surrendered by the holder orholders thereof for exchange for refunding bonds.
2. For the purpose of refunding any bonds issued hereunder, includingrefunding bonds, the board may make and issue refunding bonds in the amountnecessary to pay off and redeem the bonds to be refunded together withunpaid and past due interest thereon and any premium which may be due underthe terms of the bonds, together also with the cost of issuing therefunding bonds, and may sell the same in like manner as is herein providedfor the sale of revenue bonds, and with the proceeds thereof pay off,redeem and cancel the old bonds and coupons that have matured, or the bondsthat have been called for payment and redemption, together with the pastdue interest and the premium, if any, due thereon, or the bonds may beissued and delivered in exchange for a like par value amount of bonds torefund which the refunding bonds were issued. No refunding bonds issuedpursuant to the provisions of sections 8.660 to 8.670 shall be payable inmore than forty years from the date thereof or shall bear interest at arate in excess of six percent per annum.
3. The refunding bonds shall be payable from the same sources as werepledged to the payment of the bonds refunded thereby and, in the discretionof the board, may be payable from any other sources which under sections8.660 to 8.670 may be pledged to the payment of revenue bonds issuedhereunder. Bonds of two or more issues may be refunded by a single issueof refunding bonds.
(L. 2003 H.B. 401 § 8.643)Effective 2-26-03