46-1,116. Bonds; issuance to procure surrender of outstanding bonds; power of district; limit.
An irrigation district shall have power to issue bonds in consideration of the surrender and cancellation of its outstanding bonds. If the bonds surrendered provide for the separate payment of principal and interest, the principal of the bonds to be issued shall not exceed by more than one thousand dollars the principal of the bonds surrendered. If the bonds surrendered provide for the payment of principal and interest combined in installments, the principal of the bonds issued shall not exceed by more than one thousand dollars the value of such installments discounted at the same rate per year as the annual interest rate of the bonds to be issued.
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