§ 160A-480.12. Revenue refunding bonds.
§ 160A‑480.12. Revenue refunding bonds.
The Authority may issue refunding bonds or notes for one or more of thefollowing purposes:
(1) Refunding any outstanding bonds or notes issued under thisPart, including any redemption premium on the bonds or notes and any interestaccrued or to accrue to the date of redemption.
(2) Constructing improvements, additions, extensions orenlargements of the project, or projects in connection with which the bonds ornotes to be refunded have been issued.
(3) Paying all or any part of the cost of any additional projector projects.
Refunding bonds or notes shall be issued in accordance with the sameprocedures and requirements as bonds or notes. Refunding bonds issued underthis section may be sold or exchanged for outstanding bonds or notes issuedunder this Part and, if sold, the proceeds of the refunding bonds may beapplied, in addition to any authorized purposes, to the purchase, redemption,or payment of outstanding bonds or notes.
Pending the application of the proceeds of refunding bonds, with anyother available funds, to the payment of the principal of and accrued interestand any redemption premium on the bonds or notes being refunded, and, if soprovided or permitted in securing the same, to the payment of any interest onsuch refunding bonds and any expenses in connection with such refunding, suchproceeds may be invested in direct obligations of, or obligations the principalof and the interest on which are unconditionally guaranteed by, the UnitedStates of America which shall mature or which shall be subject to redemption bythe holder thereof, at the option of such holder, not later than the respectivedates when the proceeds, together with the interest accruing thereon, will berequired for the purposes intended. (1995, c. 458, s. 1.)