10-428.   Same; surrender; deposit.No refunding bonds issued under the provisions of this act shall bedelivered to the purchaser thereof or be exchanged with the holder of thepreviously outstanding indebtedness refunded until the outstanding bonds,or other evidence of indebtedness to be refunded, shall have beensurrendered to the issuing municipality: Provided, however, That bondsissued under the provisions of this act for the purpose of refundingoutstanding bonds may be delivered to the purchaser thereof not more thanninety days prior to the stated maturity of the bonds so refunded withoutthe then surrender to the issuing municipality of the bonds so refunded,but such delivery shall not be made until such issuing municipality shallhave deposited, in the office of the state treasurer of the state of Kansasor other fiscal agency in the state of Kansas, the amount of the principaland interest due at the date of the maturity of such outstanding bondswhich will mature within said ninety-day period, and the principal amountof the refunding bonds, so delivered, shall not exceed the principal amountof the outstanding bonds so maturing within said ninety-day period.

      History:   L. 1941, ch. 100, § 2; April 7.