Refunding Bond Act

The act authorizes the issuance of refunding bonds — obligations issued to refinance debt already outstanding — and sets out the terms and procedures governing how they are created, sold, secured, and repaid. It fixes the amount that may be authorized, identifies the officials responsible for issuing and authenticating the bonds, and governs their maturities, interest, division into separate series, and sale, together with mechanics such as temporary bonds and the replacement of lost bonds or coupons. It further directs how bond proceeds and accrued interest are applied, allows amounts held in trust to serve as security, establishes a pledge for repayment, and addresses appropriations, insufficiency of funds, and reporting back to the legislature.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.