§ 18-78. Refunding bonds.

(a)

The county is hereby authorized to provide by resolution for the issuance of refunding bonds for the purpose of refunding any bonds then outstanding and issued under the provisions of this article for the purpose of financing or refinancing all or a part of the cost of improvements provided for in this article. The county is further authorized to provide by resolution for the issuance of bonds for the combined purpose of:

(1)

Paying the cost of constructing an additional improvement or improvements; and

(2)

Refunding bonds of the county which shall previously have been issued for financing or refinancing improvements provided for by this article and shall then be outstanding.

(b)

The issuance of such refunding bonds, the maturities and other details thereof, the rights of the holders thereof and the duties of the board of county commissioners and of the county in respect to refunding bonds shall be governed by the provisions of this article insofar as those provisions may be applicable.

(c)

If outstanding bonds to be refunded are not redeemable, or immediately redeemable, the board of county commissioners shall have the power to invest the proceeds of refunding bonds in direct obligations of the United States of America or in time deposit of banks or trust companies represented by certificates of deposit secured by direct obligations of the United States of America until the maturity date thereof or the first date upon which the outstanding bonds are redeemable prior to maturity.

(Ord. No. 2015-52, § 2, 12-15-15; Ord. No. 2017-47, § 3, 10-10-17)

Editor's note

Ord. No. 2017-47, § 3, adopted October 10, 2017, renumbered § 18-76 as § 18-78 and amended it to read as set out herein.