164.301. 1. The revenue bonds issued pursuant to theprovisions of sections 164.231 to 164.301 may be refunded inwhole or in part in any of the following circumstances, to wit:
(1) When any of the bonds have by their terms become due andpayable and there are not sufficient funds in the interest andsinking fund provided for their payment to pay the bonds and theinterest thereon;
(2) When any of the bonds are by their terms callable forpayment and redemption in advance of their date of maturity andhave been duly called for payment and redemption;
(3) When any of the bonds are voluntarily surrendered by theholder thereof in exchange for refunding bonds.
2. For the purpose of refunding any bonds issued hereunder,including refunding bonds, the board of the school district maymake and issue refunding bonds in the amount necessary to pay offand redeem the bonds to be refunded, together with unpaid andpast due interest thereon and any premium which is due under theterms of the bonds, together also with the cost of issuing therefunding bonds, and may sell the bonds in like manner as isherein provided for the sale of revenue bonds. With the proceedsof the bonds, the board may pay off, redeem and cancel old bondsand coupons which have matured, or which have been called forpayment and redemption, together with the past due interestpremium, if any, due thereon, or the bonds may be issued anddelivered in exchange for a like par value amount of bonds torefund which the refunding bonds were issued.
3. No refunding bonds issued pursuant to the provisions ofthis section shall be payable in more than twenty years from thedate thereof or shall bear interest at a rate in excess of sixpercent per annum.
4. Refunding bonds are payable from the same sources as werepledged to the payment of the bonds refunded thereby and, in thediscretion of the board, may be payable from any other sourceswhich under sections 164.231 to 164.301 may be pledged to thepayment of revenue bonds issued hereunder.
164.301. 1. The revenue bonds issued pursuant to theprovisions of sections 164.231 to 164.301 may be refunded inwhole or in part in any of the following circumstances, to wit:
(1) When any of the bonds have by their terms become due andpayable and there are not sufficient funds in the interest andsinking fund provided for their payment to pay the bonds and theinterest thereon;
(2) When any of the bonds are by their terms callable forpayment and redemption in advance of their date of maturity andhave been duly called for payment and redemption;
(3) When any of the bonds are voluntarily surrendered by theholder thereof in exchange for refunding bonds.
2. For the purpose of refunding any bonds issued hereunder,including refunding bonds, the board of the school district maymake and issue refunding bonds in the amount necessary to pay offand redeem the bonds to be refunded, together with unpaid andpast due interest thereon and any premium which is due under theterms of the bonds, together also with the cost of issuing therefunding bonds, and may sell the bonds in like manner as isherein provided for the sale of revenue bonds. With the proceedsof the bonds, the board may pay off, redeem and cancel old bondsand coupons which have matured, or which have been called forpayment and redemption, together with the past due interestpremium, if any, due thereon, or the bonds may be issued anddelivered in exchange for a like par value amount of bonds torefund which the refunding bonds were issued.
3. No refunding bonds issued pursuant to the provisions ofthis section shall be payable in more than twenty years from thedate thereof or shall bear interest at a rate in excess of sixpercent per annum.
4. Refunding bonds are payable from the same sources as werepledged to the payment of the bonds refunded thereby and, in thediscretion of the board, may be payable from any other sourceswhich under sections 164.231 to 164.301 may be pledged to thepayment of revenue bonds issued hereunder.
164.301. 1. The revenue bonds issued pursuant to theprovisions of sections 164.231 to 164.301 may be refunded inwhole or in part in any of the following circumstances, to wit:
(1) When any of the bonds have by their terms become due andpayable and there are not sufficient funds in the interest andsinking fund provided for their payment to pay the bonds and theinterest thereon;
(2) When any of the bonds are by their terms callable forpayment and redemption in advance of their date of maturity andhave been duly called for payment and redemption;
(3) When any of the bonds are voluntarily surrendered by theholder thereof in exchange for refunding bonds.
2. For the purpose of refunding any bonds issued hereunder,including refunding bonds, the board of the school district maymake and issue refunding bonds in the amount necessary to pay offand redeem the bonds to be refunded, together with unpaid andpast due interest thereon and any premium which is due under theterms of the bonds, together also with the cost of issuing therefunding bonds, and may sell the bonds in like manner as isherein provided for the sale of revenue bonds. With the proceedsof the bonds, the board may pay off, redeem and cancel old bondsand coupons which have matured, or which have been called forpayment and redemption, together with the past due interestpremium, if any, due thereon, or the bonds may be issued anddelivered in exchange for a like par value amount of bonds torefund which the refunding bonds were issued.
3. No refunding bonds issued pursuant to the provisions ofthis section shall be payable in more than twenty years from thedate thereof or shall bear interest at a rate in excess of sixpercent per annum.
4. Refunding bonds are payable from the same sources as werepledged to the payment of the bonds refunded thereby and, in thediscretion of the board, may be payable from any other sourceswhich under sections 164.231 to 164.301 may be pledged to thepayment of revenue bonds issued hereunder.
