The board may purchase bonds authorized by this article out of any monies available, and these bonds may then be canceled, at a price of not more than either of the following:

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1. If the bonds are then redeemable, the price then applicable plus accrued interest to the next interest payment date on the bonds.

2. If the bonds are not then redeemable, the redemption price applicable on the first date after the purchase on which the bonds become subject to redemption plus accrued interest to that date.