9-21-901 - Authorization to issue general obligation refunding bonds.
9-21-901. Authorization to issue general obligation refunding bonds.
(a) Any local government has the power and is authorized to issue, by resolution, general obligation refunding bonds to refund outstanding obligations heretofore or hereafter lawfully issued or assumed by the local government, and to provide for the rights of the holders thereof and to secure such bonds as provided in this part and part 1 of this chapter.
(b) General obligation refunding bonds issued hereunder and secured by the full faith and credit and unlimited taxing power of the local government shall be for the purpose of:
(1) Refunding outstanding obligations which are secured by a pledge of the full faith and credit and unlimited taxing power of the local government;
(2) Refunding outstanding obligations secured by a pledge of revenues in addition to the full faith and credit pledge; or
(3) Refunding outstanding obligations secured solely by the revenues of a public works project.
(c) General obligation refunding bonds may be issued to refinance more than one (1) issue of outstanding obligations, notwithstanding that such obligations may have been issued at different times.
(d) The resolution authorizing general obligation refunding bonds may also provide for other bonds to be issued jointly with such refunding bonds.
[Acts 1986, ch. 770, § 9-1.]