9-21-1004 - Maximum amount of principal for which revenue refunding bonds may be issued.
9-21-1004. Maximum amount of principal for which revenue refunding bonds may be issued.
The principal amount of any issue of revenue refunding bonds shall not exceed the sum of the following:
(1) The principal amount of the outstanding obligations being refinanced;
(2) The redemption premium, if any, thereon;
(3) Unpaid interest on the outstanding obligations being refinanced to the date of delivery or exchange of the revenue refunding bonds;
(4) The interest due and payable on such outstanding obligations, to and including the first or any subsequent available redemption date or dates selected, in its discretion, by the governing body of the local government, or to the date or dates of maturity, whichever shall be determined by the governing body of the local government to be most advantageous or necessary to the local government;
(5) A reasonable reserve for the payment of principal of and interest on the revenue refunding bonds; and
(6) Any expenses of the issuance and sale of the revenue refunding bonds, including bond discount, credit enhancement, engraving, printing, and advertising fees, and reasonable and necessary fees of financial and legal advisors, deemed by the governing body to be necessary for the issuance of the revenue refunding bonds.
[Acts 1986, ch. 770, § 10-4.]