247.951 Issuance of refunding bonds.
Subject to the rights of the holders of the bonds of the corporation, the corporation is <br>hereby authorized and empowered to issue from time to time its bonds for the purpose of <br>refunding any bonds of the corporation then outstanding, together with the payment of <br>any redemption premiums thereon and interest accrued or to accrue to the date of <br>redemption of such outstanding bonds. All the refunding bonds of the corporation shall be <br>issued, sold or exchanged, and delivered, shall be secured, and shall be subject to the <br>provisions of KRS 247.940 to 247.978 in the same manner and to the same extent as any <br>other bonds issued by the corporation pursuant to KRS 247.940 to 247.978, unless <br>otherwise determined by resolution of the corporation. Refunding bonds issued by the <br>corporation as herein provided may be sold or exchanged for outstanding bonds of the <br>corporation and, if sold, the proceeds thereof may be applied, in addition to any other <br>authorized purposes, to the purchase, redemption, or payment of the outstanding bonds.
Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 440, sec. 7, effective July 13, 1990.
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