35-475. Exchange or sale of bonds; record of
bonds paid or retired


A. The refunding bonds may be exchanged in like amount for the bonds to be
refunded, or they may be sold by the governing board or body at not less than par and
accrued interest, and the proceeds applied to the purpose for which the bonds were
issued.


B. The governing board or body shall keep a record disclosing the date, number,
amount and maturity of each bond, the payments of interest or principal thereon, and its
destruction when paid or retired. All bonds paid and retired shall be burned and
destroyed by the governing board or body.