§ 45-33.2-10 - Refunding bonds.
SECTION 45-33.2-10
§ 45-33.2-10 Refunding bonds. – A city or town may, subject to any applicable provisions of § 45-12-5.2,issue refunding bonds for the purpose of paying any of its bonds issued underthis chapter at maturity or upon acceleration or redemption. The refundingbonds may be issued at a time prior to the maturity or redemption of therefunded bonds as the city or town deems to be in the public interest. Therefunding bonds may be issued in sufficient amounts to pay or provide theprincipal of the bonds being refunded, together with any redemption premium,any interest accrued or to accrue to the date of payment of the bonds, theexpenses of issue of the refunding bonds, the expenses of redeeming the bondsbeing refunded, and the reserves for debt service or other purposes from theproceeds of the refunding bonds, as may be required by any agreement securingbonds. The issue of refunding bonds, the maturities and other details thereof,the security therefor, the rights of holders thereof, and the rights, duties,and obligations of the city or town with respect thereto shall be governed bythe provisions of this chapter relating to the issue of bonds other thanrefunding bonds insofar as those provisions may be applicable.