§ 60.
252 words·~1 min read·
/vt/60A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 60. Same-issuance prior to maturity or redemption; amounts; issuance, maturities, security, rights of owners, and rights, duties, and obligations of City; general laws relating to refunding of municipal bonds and indebtedness inapplicable
Any refunding bonds or notes may be issued at such time prior to the maturity or redemption of the refunded bonds or notes as the City Council deems to be in the public interest. The refunding bonds or notes may be issued in sufficient amounts to pay or provide the principal of the bonds or notes being refunded, together with any redemption premium thereon, any interest accrued or to accrue to the date of payment of such bonds or notes, the expenses if issue of the refunding bonds or notes, the expenses of redeeming the bonds or notes being refunded, and such reserves for debt service or other capital or current expenses from the proceeds of such refunding bonds or notes as may be required by a resolution under which bonds are issued.
The issue of refunding bonds or notes, the maturities and other details thereof, the security therefor, the rights of the owners thereof and the rights, duties, and obligations of the City with respect thereto shall be governed by the provisions of this City charter relating to the issue of bonds other than refunding bonds insofar as the same may be applicable. None of the provisions of the general laws relating to the refunding of municipal bonds and indebtedness shall apply to such refunding bonds or notes.