57-218. FUNDING AND REFUNDING BONDS — ISSUANCE AFTER APPLICATION OF AVAILABLE MONEYS TO PAYMENT OF OUTSTANDING BONDS. If any governing body shall determine that the outstanding indebtedness of any such corporation may be funded or refunded, to the profit and benefit of such corporation and without incurring any additional liability by the issuance of funding or refunding bonds, it may provide by ordinance or resolution for the issuance of such funding or refunding bonds in an amount equal to the unpaid principal and interest of such outstanding bonds or other indebtedness: provided, that before any such governing body shall issue any bonds to refund the outstanding bonded indebtedness or to fund any of the other outstanding indebtedness of any such issuing corporation as in this section specially provided and in this act elsewhere provided, it shall cause all moneys on hand in the corporate treasury available for the payment and discharge of any such outstanding bonded indebtedness, or to the payment and discharge of any such unpaid other indebtedness of said corporation, to be applied in payment and discharge thereof, and shall issue such refunding bonds, or funding bonds, respectively, for the remainder only of the bonded indebtedness, or other indebtedness, respectively.
History:
[(57-218) 1927, ch. 262, sec. 5, subd. (e), p. 546; I.C.A., sec. 55-218.]