§47-17  Refunding bonds authorized.  For
the purpose of refunding all or any portion of the present and future bonded
indebtedness of any county issued pursuant to this chapter or bonds payable
from the revenue of an undertaking or loan program as defined in section 49-1,
the director of finance of any county, upon authorization of the governing
body, may from time to time issue general obligation refunding bonds of the
county to pay or to provide for the payment of all or any part thereof, and may
include various series and issues of the outstanding bonds in a single issue of
refunding bonds and may include refunding bonds and bonds otherwise to be
issued under this chapter, in a single issue of bonds.



The interest rate or rates of the refunding
bonds shall not be limited by the interest rate or rates borne by any of the
bonds to be refunded thereby.



The refunding bonds may be issued and delivered
on, or at any time before, the maturity or redemption date of the bonds to be
refunded that the director of finance, with the approval of the governing body,
determines to be in the best interest of the county.  The refunding bonds shall
be issued in accordance with this chapter with respect to bonds otherwise
issued under this chapter, and all of the provisions of this chapter shall
apply to the refunding bonds.  Nothing in this section shall require or be
deemed to require the county to elect to redeem or prepay bonds being refunded,
or, if the county elects to redeem or prepay any such bonds, to redeem or prepay
as of any particular date or dates.



Proceeds of the sale of the refunding bonds
shall be applied solely to the payment of the principal of, and redemption
premium, if any, and interest on the bonds to be refunded under this chapter
and to the payment of all costs of issuance of such refunding bonds and
interest accrued on the refunding bonds to the date of delivery thereof and
payment therefor.  Pending the time the proceeds derived from the sale of
refunding bonds issued under this section are required for the purposes for
which they were issued, the director of finance, upon authorization or approval
of the governing body, may invest the proceeds in obligations of, or
obligations unconditionally guaranteed by, the United States of America or in
savings accounts, time deposits, or certificates of deposit of any bank or
trust company, within or without the State, to the extent that the savings
accounts, time deposits, or certificates of deposit are collaterally secured by
a pledge of obligations of, or obligations unconditionally guaranteed by, the
United States of America; or in obligations of any state of the United States
of America or any agency, instrumentality or local government of any such
state, the provision for payment of the principal of and interest on which
shall have irrevocably been made by deposit of obligations of, or obligations
unconditionally guaranteed by, the United States of America.  To further secure
the bonds being refunded the director of finance, upon authorization or
approval of the governing body, may enter into a contract with any bank or
trust company, within or without the State, with respect to the safekeeping and
application of the proceeds of the refunding bonds, and the safekeeping and
application of the earnings on the investment, which contract shall become a
part of the contract with the holders of the bonds being refunded. [L 1989, c
80, pt of §2]