(a) The interest cost to the authority computed on the basis of the interest rates borne by the bonds refunded and by the refunding bonds, will be increased by reason of the refunding; or
(b) The average maturity of the bonds refunded, computed to their stated maturities will be increased by reason of the refunding; or
(c) The time at which bonds may be redeemed is more than twelve (12) months after the date of sale of the refunding bonds;
(d) However, if it can be clearly shown that the refunding is being accomplished to prevent default or to provide flexibility to the authority in the financing of its projects, and if the State Treasurer shall certify that the need to refund an outstanding issue to prevent default or to provide flexibility to the authority in the financing of its projects has been determined by sufficient evidence filed with the State Treasurer, the provisions of subsections (a), (b) and (c) shall not prevent refunding.
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.
