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

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

1. If the bonds are then redeemable, the redemption 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.