The college board is hereby empowered to issue refunding bonds to provide funds to refund any or all outstanding bonds payable from the bond retirement fund and to pay any redemption premium payable on such outstanding bonds being refunded. Such refunding bonds may be issued in the manner and on terms and conditions and with the covenants permitted by RCW 28B.50.330 through 28B.50.400 for the issuance of bonds. The refunding bonds shall be payable out of the bond retirement fund and shall not constitute an obligation either general or special, of the state or a general obligation of the college board. The board may exchange the refunding bonds at par for the bonds which are being refunded or may sell them in such manner, at such price and at such rate or rates of interest as it deems for the best interest of the college.
RCW 28B.50.390
Construction, reconstruction, equipping, and demolition of community college facilities and acquisition of property—Refunding bonds—Authorized—Form, term, issuance, etc.—Exchange or sale.
1970 ex.s. c 56 s 33; 1969 ex.s. c 232 s 107; 1969 ex.s. c 223 s 28B.50.390
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.