The board may purchase bonds for cancellation out of any monies available for the purchase, 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 redeemable at the time of the purchase, the applicable redemption price plus accrued interest to the next interest payment date on the bonds.

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