TITLE 50

MUNICIPAL CORPORATIONS

CHAPTER 27

MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM

50-2712.  Revenue bonds — Refunding. Each public corporation may provide by resolution for the issuance of revenue refunding bonds for the purpose of refunding any revenue bonds issued for an industrial development facility under this chapter, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption or maturity of the revenue bonds and commissions, service fees and other expenses necessary to be paid in connection with the refunding bond issue, and if considered advisable by the public corporation, for the additional purpose of financing improvements, extension or enlargements to the industrial development facility or another industrial development facility. The issuance of the revenue bonds, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the public corporation in respect to the same shall be governed by this chapter insofar as applicable.

Any such refunding may be effected whether the bonds to be refunded shall have matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby, or by the exchange of the refunding bonds for the bonds to be refunded thereby with the consent of the holders of the bonds so to be refunded, and regardless of whether or not the bonds to be refunded were issued in connection with the same project or separate projects or for any other purpose hereunder, and regardless of whether or not the revenue bonds proposed to be refunded shall be payable on the same date or different dates or shall be due serially or otherwise.

History:

[50-2712, added 1982, ch. 119, sec. 1, p. 334.]