Any bonds issued by a district may be refunded by the district, and upon refunding, by current or advance refunding, the term for payment of the assessments shall be modified to the term of the newly issued bonds. If the refunding results in a lower interest rate from that borne by the refunded bonds, the board may adjust the interest rate borne by the assessments accordingly.
Ala. Code § 11-99A-18
Refundings.
Known as the Alabama Improvement District Act
The act spans §§ 11-99A-1 to 11-99A-9 (52 sections).
(Act 99-446, p. 1013, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.