48-3623. Authority to issue refunding bonds;
procedure; disposition of proceeds
Any bond issued under this article may be refunded pursuant to resolution adopted by
the board of directors in the manner provided in this article for the issuance of other
bonds, except that an engineer's report or hearing need not be obtained or held, and it
is not necessary to submit the question of the issuance of the refunding bonds at an
election. Refunding bonds so authorized may be sold and the proceeds of sale applied to
or escrowed for the payment of the bonds to be refunded in such manner as may be provided
in the authorizing resolution, or may be delivered in exchange for the bonds to be
refunded, or may be in part sold and in part exchanged. No bonds may be refunded under
this section unless they either mature or are recallable for redemption under their terms
within twelve months from the date of the issuance of the refunding bonds or unless the
holders voluntarily surrender them for exchange or payment.
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