The district may issue refunding bonds and notes for the purpose of paying any of its bonds or notes at maturity or upon acceleration or redemption. Refunding bonds and notes may be issued at a time prior to the maturity or redemption of the refunded bonds or notes as the district deems to be in the public interest. Refunding bonds and notes may be issued in sufficient amounts to pay or provide the principal of the bonds or notes being refunded, together with any redemption premium thereon, any interest accrued or to accrue to the date of payment of the bonds or notes, the expenses of issue of refunding bonds or notes, the expenses of redeeming bonds or notes being refunded and such reserves for debt service or other capital or current expenses from the proceeds of the refunding bonds or notes as may be required by a trust agreement or resolution securing bonds or notes. The issue of refunding bonds or notes, the maturities and other details thereof, the security therefor, the rights of the holders thereof, and the rights, duties and obligations of the district in respect of the same shall be governed by the provisions of this chapter relating to the issue of bonds or notes other than refunding bonds or notes insofar as the same may be applicable.
History of Section.
P.L. 2003, ch. 270, § 1; P.L. 2003, ch. 364, § 1.