Any refunding bonds of a local school district or consolidated school district shall, after validation, be turned over to the county board of education to be sold or exchanged as provided in this subpart, and the county board is authorized to sell or exchange such bonds under all of the regulations now provided by law for the sale of school district bonds or as provided in this subpart. When such bonds are sold by the county board, the proceeds derived therefrom shall be held in trust by the county board only for the purposes provided in this subpart. When such bonds are exchanged by the county board, which is authorized to do so, such exchange shall be in accordance with Code Section 20-2-471.
(Ga. L. 1937, p. 869, § 7.)
Code Commission notes.- Pursuant to Code Section 28-9-5, in 1992, a comma was deleted following "do" and a comma was inserted following "so" in the last sentence.
RESEARCH REFERENCES
Am. Jur. 2d.
- 64 Am. Jur. 2d, Public Securities and Obligations, §§ 196, 225, 230, 236.
C.J.S.- 78A C.J.S., Schools and School Districts, § 779 et seq.