The board may issue and sell at public or private sale enhanced 911 bonds to refund outstanding enhanced 911 bonds and other bonds payable from the enhanced 911 fund by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of outstanding bonds, or any combination thereof, when, in its opinion, such action will be beneficial to the state.
History: Laws 1990, ch. 61, § 7; 1992, ch. 102, § 4; 2001, ch. 110, § 18; 2005, ch. 203, § 12.
ANNOTATIONSThe 2005 amendment, effective July 1, 2005, deleted former Subsection B, which provided that no enhanced 911 bonds that are secured by enhanced 911 revenues or database surcharge revenues shall be refunded by enhanced 911 bonds and that no enhanced 911 bonds that are secured by wireless enhanced 911 revenues shall be refunded by enhanced 911 bonds that are secured by enhanced 911 revenues or network and database surcharge revenues.
The 2001 amendment, effective July 1, 2001, substituted the present Subsection B for former Subsections B and C, which contained provisions for the use of the level savings method of advance refunding when performing advanced refunds, and prohibiting the refund of bonds past their maturity dates, respectively.
The 1992 amendment, effective March 10, 1992, substituted "board" for "state board of finance" near the beginning of Subsections A and B; and substituted "enhanced 911 fund" for "enhanced 911 bond fund" near the middle of Subsection A.