§ 2-174. Refunding bonds.

(a)

Under this subdivision, the county is authorized to provide by resolution for the issuance of refunding bonds for the purpose of refunding any bonds then outstanding and which shall then have matured or are then redeemable or subject to redemption within ten years thereafter or can be acquired for retirement and issued under this subdivision or any other law for the purpose of paying all or a part of the cost of a project as defined in this subdivision. The county is further authorized to provide by resolution for the issuance of bonds for the combined purposes of:

(1)

Paying the cost of acquiring by purchase or of constructing an additional project; and

(2)

Refunding bonds of the county which shall have been issued for such project and shall then be outstanding and which shall then have matured or are then redeemable or subject to redemption within ten years thereafter or can be acquired for retirement.

(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 such shall be governed by this subdivision insofar as such may be applicable.

(c)

If such outstanding bonds to be refunded are not immediately redeemable, the board of county commissioners shall have power to invest the proceeds of such refunding bonds in direct obligations of the United States or in time deposits of banks or trust companies represented by certificates of deposit secured by direct obligations of the United States until the first date upon which such outstanding bonds are redeemable prior to maturity, not in any event later than ten years from the date of issuance of such refunding bonds.

(Code 1970, § 20-59; Ord. No. 75-23, § 9, 12-2-75)