§ 46-12.2-15 - Refunding bonds. - Rhode Island Statutes

SECTION 46-12.2-15

   § 46-12.2-15  Refunding bonds. – The agency may issue refunding bonds for the purpose of paying any of itsbonds, issued pursuant to this chapter, at or prior to maturity or uponacceleration or redemption or purchase and retirement. Refunding bonds may beissued at such times at or prior to the maturity, redemption, or purchase andretirement of the refunded bonds as the board of directors deems to be in theinterest of the agency. Refunding bonds may be issued in sufficient amounts topay or provide for payment of the principal of the bonds being refunded,together with any redemption premium thereon, any interest or discount accruedor to accrue to the date of payment of the bonds, the costs of issuance of therefunding bonds, the expenses of paying, redeeming, or purchasing the bondsbeing refunded, the costs of holding and investing proceeds of refunding bondspending payment, redemption, or purchase and reserves for debt service or otherexpenses from the proceeds of refunding bonds as may be required by a trustagreement securing the bonds. Pending application, the proceeds of therefunding bonds may be placed in escrow. The issue and sale of refunding bonds,the maturities, and other details thereof, the security therefor, the rights ofthe holders thereof, and the rights, duties, and obligations of the agency inrespect of the same shall be governed by the provisions of this chapterrelating to the issue of bonds other than refunding bonds insofar as thischapter may be applicable.