The district shall have the power to issue bonds to provide for the retirement or
refunding of any bonds or obligations of the district that at the time of such issuance
are or subsequently thereto become due and payable, or that at the time of issuance
have been called or are or will be subject to call for redemption within ten (10)
years thereafter, or the surrender of which can be procured from the holders thereof
at prices satisfactory to the board. Refunding bonds may be issued at any time when
in the judgment of the board such issuance will be advantageous to the district. No
approval of the qualified electors who are freeholders residing in the district shall
be required for the issuance of refunding bonds except in cases where such approval
is required by the constitution. The board may by resolution confer upon the holders
of such refunding bonds all rights, powers and remedies to which the holders would
be entitled if they continued to be the owners and had possession of the bonds for
the refinancing of which said refunding bonds are issued, including but not limited
to the preservation of the lien of such bonds on the revenues of any project or on
pledged funds, without extinguishment, impairment or diminution thereof. The provisions
of this article pertaining to bonds of the district shall, unless the context otherwise
requires, govern the issuance of refunding bonds, the form and other details thereof,
the rights of the holders thereof and the duties of the board with respect to the
same.
(Sp. Acts, Ch. 70-617, § 28)
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