48-2775. Sale of refunding bonds; disposition
of proceeds
A. When the refunding bonds are issued the board may sell them to the highest
bidder from time to time in such quantities as may be necessary and most advantageous to
raise money to pay the bonds, coupons or other evidences of indebtedness of the district
outstanding at the time of the filing of the petition for the issuance of the refunding
bonds and described therein. Resolution of intention to sell the refunding bonds shall
be declared and notice given, and the sale conducted in the manner prescribed in section
48-2757. The bonds shall in no event be sold for less than ninety-five per cent of their
par value including accrued interest.
B. All money realized from the sale of the refunding bonds shall be paid to the
district treasurer who shall deposit the money in the refunding fund. Such money shall
be applied exclusively to the payment of bonds, coupons or other evidences of
indebtedness of the district outstanding at the time of the filing of the petition and
described therein.
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