6-8B-30. Refunding bonds without election--Purposes.
199 words·~1 min read·
/sd/title-6/chapter-6-8/6-8b-30·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any bonds may be refunded, whether or not the bonds have matured or are then subject to redemption, by the public body which issued them, or any successor thereof, in the name of the public body which issued the bonds being refunded, without an election, except as provided in § 6-8B-40 , but subject to provisions concerning their payment and to any other contractual limitations in the proceedings authorizing their issuance or otherwise appertaining thereto, for any one or more of the following purposes:
(1)For the purpose of extending the maturity date of all or any part of any outstanding bonds for which payment is in arrears, or for which there is not, or it is certain that there will not be, sufficient money to pay the principal or interest on the outstanding bonds as they respectively become due;
(2)For the purpose of reducing debt service costs or affecting other economies;
(3)For the purpose of reorganizing all or any part of the outstanding bonds of a public body in relation to the resources available for their payment; or
(4)To relieve the public body of restrictions imposed by covenants with respect to the bonds being refunded.