13-51A-33. Power to issue refunding bonds for matured obligations.
60 words·~1 min read·
/sd/title-13/chapter-13-51/13-51a-33A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board shall have power, and is hereby authorized from time to time, to issue negotiable refunding bonds:
(1)To refund unpaid matured bonds;
(2)To refund unpaid matured coupons evidencing interest upon its unpaid matured bonds; and
(3)To refund interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of those bonds.