(a) Any municipal improvement district of any city of the first or second class or incorporated town of this state shall have the power to fund and refund its outstanding indebtedness, including its bonded indebtedness and accrued matured interest on the indebtedness, and to extend the maturity of the indebtedness on such terms as the commissioners of the district shall deem for the best interest of the district. To that end, the district may issue the negotiable bonds of the district, with interest coupons attached. These refunding bonds shall run for a period not exceeding fifty (50) years from date thereof.
(b) The commissioners of the district may exchange new bonds for outstanding bonds, including accrued matured interest thereon, or may issue and sell new bonds and use the proceeds thereof to take up any of the outstanding bonds or other indebtedness of the district in the refunding thereof.
(c) These refunding bonds shall not be issued in a greater amount than is necessary to pay the outstanding bonds and accrued interest coupons then being refunded, with interest to the date the new bonds are delivered, plus expenses incurred in connection with the issuance of the new bonds. They shall not be delivered except upon the surrender and cancellation of a proportionate part of the indebtedness being refunded.
(d) These refunding bonds shall bear interest at such rate or rates as the commissioners shall provide in the resolution authorizing their issuance.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
