2005 Idaho Code - 67-8916 — REFUNDING BONDS

                                  TITLE  67
                      STATE GOVERNMENT AND STATE AFFAIRS
                                  CHAPTER 89
                     IDAHO ENERGY RESOURCES AUTHORITY ACT
    67-8916.  REFUNDING BONDS. (1) The authority may provide for the issuance
of refunding bonds for the purpose of refunding any bonds then outstanding
which have been issued under the provisions of this chapter, including the
payment of any redemption premium thereon, any interest accrued or to accrue
to the date of redemption of such bonds and for any additional corporate
purpose of the authority. The issuance of such bonds, the maturities, and
other details thereof, the rights of the holders thereof, and the rights,
duties and obligations of the authority in respect of the same shall be
governed by the provisions of this chapter which relate to the issuance of
bonds, insofar as such provisions may be appropriate therefor.
    (2)  Refunding bonds may be sold or exchanged for outstanding bonds issued
under this chapter and, if sold, the proceeds thereof may be applied, in
addition to any other authorized purposes, to the purchase, redemption or
payment of such outstanding bonds. Pending the application of the proceeds of
any such refunding bonds, with any other available funds, to the payment of
the principal, accrued interest, and any redemption premium on the bonds being
refunded, and, if so provided or permitted in the resolution authorizing the
issuance of such refunding bonds or in the trust agreement securing the same,
to the payment of any interest on such refunding bonds and any expenses in
connection with such refunding, such proceeds may be invested in such
obligations as may be permitted for the defeasance of the outstanding bonds in
the resolution or indenture under which they were issued.