68-2307. Same; revenue refunding bonds; purpose; conditions of issuance, investment of proceeds, when, conditions.
68-2307
68-2307. Same; revenue refunding bonds; purpose; conditions ofissuance, investment of proceeds, when, conditions.The secretary of transportation is hereby authorized to provide byresolution for the issuance of revenue refunding bonds of the secretary oftransportation for the purpose of refunding any bonds then outstandingwhich shall have been issued under the provisions of this act, includingthe payment of any redemption premium thereon and any interest accrued orto accrue to the date of redemption of such bonds, and, if deemed advisableby the secretary, for the additional purpose of providing funds for theconstruction, reconstruction and improvement of highway projects in thestate. The issuance of such bonds, the maturities and other detailsthereof, the rights of the holders thereof, and the rights, duties andobligations of the secretary in respect of the same, shall be governed bythe provisions of this act insofar as the same may be made applicable.Pending the application of the proceeds of such highway refunding bonds,with any other available funds, to the payment of the principal, accruedinterest and premium of the bonds being refunded and, if so provided orpermitted in the resolution authorizing the issuance of such highwayrefunding bonds, to the payment of any interest on such refunding bonds,the secretary may invest such proceeds in direct obligations of, orobligations the principal of and the interest on which are unconditionallyguaranteed by, the United States of America which shall mature, or whichshall be subject to redemption by the holder thereof at the option of suchholder, not later than the respective dates when the proceeds, togetherwith the interest accruing thereon, will be required for the purposesintended.
History: L. 1972, ch. 252, § 6; L. 1975, ch. 427, §230; Aug. 15.