§ 46-12.8-12 - Refunding bonds. - Rhode Island Statutes

SECTION 46-12.8-12

   § 46-12.8-12  Refunding bonds. – The agency may issue refunding bonds for the purpose of paying any of its bondsissued pursuant to this chapter at or prior to maturity or upon acceleration orredemption or purchase and retirement. Refunding bonds may be issued at suchtimes at or prior to the maturity, redemption, or purchase and retirement ofthe refunded bonds as the board of directors deems to be in the interest of theagency. Refunding bonds may be issued in sufficient amounts to pay or providefor payment of the principal of the bonds being refunded, together with anyredemption premium thereon, any interest or discount accrued or to accrue tothe date of payment of the bonds, the costs of issuance of the refunding bonds,the expenses of paying, redeeming, or purchasing the bonds being refunded, thecosts of holding and investing proceeds of refunding bonds pending payment,redemption, or purchase and reserves for debt service or other expenses fromthe proceeds of refunding bonds as may be required by a trust agreementsecuring the bonds. Pending application, the proceeds of the refunding bondsmay be placed in escrow. The issue and sale of refunding bonds, the maturities,and other details thereof, the security therefor, the rights of the holdersthereof, and the rights, duties, and obligations of the agency in respect ofthe same shall be governed by the provisions of this chapter relating to theissue of bonds other than refunding bonds insofar as this chapter may beapplicable.