176.060. 1. The revenue bonds issued pursuant to theprovisions of sections 176.010 to 176.080 may be refunded, inwhole or in part, in any of the following circumstances, to wit:
(1) When any such 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 such bonds andthe interest thereon.
(2) When any such bonds are by their terms callable forpayment and redemption in advance of their date of maturity andshall have been duly called for payment and redemption.
(3) When any such bonds are voluntarily surrendered by theholder or holders thereof for exchange for refunding bonds.
2. For the purpose of refunding any bonds issued hereunder,including refunding bonds, the governing body of any stateeducational institution may make and issue refunding bonds insuch amount as may be necessary to pay off and redeem the bondsto be refunded together with unpaid and past due interest thereonand any premium which may be due under the terms of such bonds,together also with the cost of issuing such refunding bonds, andmay sell the same in like manner as is herein provided for thesale of revenue bonds, and with the proceeds thereof pay off,redeem and cancel such old bonds and coupons as may have matured,or such bonds as may have been called for payment and redemption,together with the past due interest and the premium, if any, duethereon, or such bonds may be issued and delivered in exchangefor a like par value amount of bonds to refund which therefunding bonds were issued; provided, however, that norefunding bonds issued pursuant to the provisions of sections176.010 to 176.080 shall be payable in more than forty years fromthe date thereof or shall bear interest at a rate in excess ofsix percent per annum.
3. Such refunding bonds shall be payable from the samesources as were pledged to the payment of the bonds refundedthereby and, in the discretion of the governing body, may bepayable from any other sources which under sections 176.010 to176.080 may be pledged to the payment of revenue bonds issuedhereunder. Bonds of two or more issues of any state educationalinstitution may be refunded by a single issue of refunding bonds.
176.060. 1. The revenue bonds issued pursuant to theprovisions of sections 176.010 to 176.080 may be refunded, inwhole or in part, in any of the following circumstances, to wit:
(1) When any such 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 such bonds andthe interest thereon.
(2) When any such bonds are by their terms callable forpayment and redemption in advance of their date of maturity andshall have been duly called for payment and redemption.
(3) When any such bonds are voluntarily surrendered by theholder or holders thereof for exchange for refunding bonds.
2. For the purpose of refunding any bonds issued hereunder,including refunding bonds, the governing body of any stateeducational institution may make and issue refunding bonds insuch amount as may be necessary to pay off and redeem the bondsto be refunded together with unpaid and past due interest thereonand any premium which may be due under the terms of such bonds,together also with the cost of issuing such refunding bonds, andmay sell the same in like manner as is herein provided for thesale of revenue bonds, and with the proceeds thereof pay off,redeem and cancel such old bonds and coupons as may have matured,or such bonds as may have been called for payment and redemption,together with the past due interest and the premium, if any, duethereon, or such bonds may be issued and delivered in exchangefor a like par value amount of bonds to refund which therefunding bonds were issued; provided, however, that norefunding bonds issued pursuant to the provisions of sections176.010 to 176.080 shall be payable in more than forty years fromthe date thereof or shall bear interest at a rate in excess ofsix percent per annum.
3. Such refunding bonds shall be payable from the samesources as were pledged to the payment of the bonds refundedthereby and, in the discretion of the governing body, may bepayable from any other sources which under sections 176.010 to176.080 may be pledged to the payment of revenue bonds issuedhereunder. Bonds of two or more issues of any state educationalinstitution may be refunded by a single issue of refunding bonds.
176.060. 1. The revenue bonds issued pursuant to theprovisions of sections 176.010 to 176.080 may be refunded, inwhole or in part, in any of the following circumstances, to wit:
(1) When any such 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 such bonds andthe interest thereon.
(2) When any such bonds are by their terms callable forpayment and redemption in advance of their date of maturity andshall have been duly called for payment and redemption.
(3) When any such bonds are voluntarily surrendered by theholder or holders thereof for exchange for refunding bonds.
2. For the purpose of refunding any bonds issued hereunder,including refunding bonds, the governing body of any stateeducational institution may make and issue refunding bonds insuch amount as may be necessary to pay off and redeem the bondsto be refunded together with unpaid and past due interest thereonand any premium which may be due under the terms of such bonds,together also with the cost of issuing such refunding bonds, andmay sell the same in like manner as is herein provided for thesale of revenue bonds, and with the proceeds thereof pay off,redeem and cancel such old bonds and coupons as may have matured,or such bonds as may have been called for payment and redemption,together with the past due interest and the premium, if any, duethereon, or such bonds may be issued and delivered in exchangefor a like par value amount of bonds to refund which therefunding bonds were issued; provided, however, that norefunding bonds issued pursuant to the provisions of sections176.010 to 176.080 shall be payable in more than forty years fromthe date thereof or shall bear interest at a rate in excess ofsix percent per annum.
3. Such refunding bonds shall be payable from the samesources as were pledged to the payment of the bonds refundedthereby and, in the discretion of the governing body, may bepayable from any other sources which under sections 176.010 to176.080 may be pledged to the payment of revenue bonds issuedhereunder. Bonds of two or more issues of any state educationalinstitution may be refunded by a single issue of refunding bonds.
