68-20,107. Highway revenue refunding bonds; investment of proceeds, when; limitation.
68-20,107
68-20,107. Highway revenue refunding bonds; investment of proceeds,when; limitation.The authority is hereby authorized to provide by resolution for theissuance of highway revenue refunding bonds then outstanding which shallhave been issued under the provisions of this act, including the payment ofany redemption premium thereon and any interest accrued or to accrue to thedate of redemption of such bonds and maturity dates occurring on or priorto such date: Provided, however, That such refunding bonds may not beissued more than five (5) years prior to the earliest redemption date ofthe bonds to be refunded.
The issuance of such bonds, the maturities and other details thereof,the rights of the holders thereof, and the rights, duties and obligationsof the authority in respect of the same, shall be governed by theprovisions of this act insofar as the same may be applicable.
Pending the application of the proceeds of such highway revenuerefunding bonds, with any other available funds, to the payment of theprincipal accrued interest and premium of the bonds being refunded and, ifso provided or permitted in the resolution authorizing the issuance of suchhighway revenue refunding bonds or in the trust agreement securing thesame, to the payment of any interest on such refunding bonds, the authoritymay invest such proceeds in direct obligations of, or obligations theprincipal of and the interest on which are unconditionally guaranteed by,the United States of America which shall mature, or which shall be subjectto redemption by the holder thereof at the option of such holder, not laterthan the respective dates when the proceeds, together with the interestaccruing thereon, will be required for the purposes intended.
History: L. 1973, ch. 269, § 15; July 1.