35-2-718. Refunding securities.

(a) Any securities of the trustees of a rural health care district issued pursuant to W.S. 35-2-711 through 35-2-722 and payable from any pledged revenues may be refunded by the trustees by the adoption of a resolution by the trustees authorizing the issuance of securities at a public or private sale:

(i) To refund, pay and discharge all or any part of the outstanding securities of any one (1) or more or all outstanding issues, including any interest thereon in arrears, or about to become due for any period not exceeding three (3) years from the date of the refunding securities;

(ii) For the purpose of reducing interest costs or effecting other economies;

(iii) For the purpose of modifying or eliminating restrictive contractual limitations pertaining to the issuance of additional bonds, otherwise concerning the outstanding securities or to any facilities pertaining thereto;

(iv) For the purpose of avoiding or terminating any default; or

(v) For any combination provided in this subsection.

(b) Nothing contained in W.S. 35-2-711 through 35-2-722 nor in any other law of this state shall be construed to permit the board of trustees to call securities now or hereafter outstanding for prior redemption in order to refund the securities or in order to pay them prior to their stated maturities, unless the right to call the securities for prior redemption was specifically reserved and stated in the securities at the time of their issuance.

(c) Except as provided in this section, refunding securities shall be subject to the same rights, liabilities, conditions and covenants as are provided for the securities contained in W.S. 35-2-711 through 35-2-722.