The agency may issue refunding bonds for the purpose of paying any of its bonds, issued pursuant to this chapter or chapter 24-18, at or prior to maturity or upon acceleration or redemption or purchase and retirement. Refunding bonds may be issued at such times at or prior to the maturity, redemption, or purchase and retirement of the refunded bonds as the board of directors deems to be in the interest of the agency. Refunding bonds may be issued in sufficient amounts to pay or provide for payment of the principal of the bonds being refunded, together with any redemption premium thereon, any interest or discount accrued or to accrue to the date of payment of the bonds, the costs of issuance of the refunding bonds, the expenses of paying, redeeming, or purchasing the bonds being refunded, the costs of holding and investing proceeds of refunding bonds pending payment, redemption, or purchase and reserves for debt service or other expenses from the proceeds of refunding bonds as may be required by a trust agreement securing the bonds. Pending application, the proceeds of the refunding bonds may be placed in escrow. The issue and sale of refunding bonds, the maturities, and other details thereof, the security therefor, the rights of the holders thereof, and the rights, duties, and obligations of the agency in respect of the same shall be governed by the provisions of this chapter and chapter 24-18, as applicable, relating to the issue of bonds other than refunding bonds insofar as these chapters may be applicable.

History of Section.
P.L. 1989, ch. 303, § 2; P.L. 2013, ch. 144, art. 20, § 2.