The principal amount of refunding bonds may exceed the principal amount of the bonds to be refunded by an amount deemed reasonably required to effect such refunding. The principal amount of the refunding bonds may be less than or the same as the principal amount of the bonds to be refunded so long as provision is duly and sufficiently made for the retirement or redemption of such bonds to be refunded. Any reserves held to secure the bonds to be refunded, or other available money, may be used to accomplish the refunding in accordance with the refunding plan. Reserves not so used shall be pledged as security for the refunding bonds to the extent the reserves, if any, are required. The balance of any such reserves may be used for any lawful purpose.
RCW 39.53.050
Refunding bonds, principal amount—Disposition of reserves held to secure the bonds to be refunded.
Known as the Refunding Bond Act
The act spans §§ 39–39 (17 sections).
1999 c 230 s 5; 1983 1st ex.s. c 69 s 1; 1977 ex.s. c 262 s 3; 1974 ex.s. c 111 s 3; 1965 ex.s. c 138 s 6.
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.