(a) A municipality or joint agency is hereby authorized toprovide by resolution for the issuance of refunding bonds of the municipalityor joint agency for the purpose of refunding any bonds then outstanding whichshall have been issued under the provisions of this Chapter, including thepayment of any redemption premium thereon and any interest accrued or to accrueto the date of redemption of such bonds.
(b) In addition to any refunding bonds that may be issuedpursuant to subsection (a), a municipality or joint agency is hereby authorizedto provide by resolution for the issuance of refunding bonds for the purpose ofproviding for the payment of any interest accrued or to accrue on any bondswhich shall have been issued by the joint agency under the provisions of thisChapter; provided, however, that the refunding bonds are issued on or prior toJune 30, 1992, and the latest maturity of the refunding bonds issued for aproject is no later than the latest maturity of any other bonds issued by themunicipality or joint agency, as the case may be, then outstanding for the sameproject; and provided further that the Local Government Commission shallconduct an evidentiary hearing and upon the evidence presented find anddetermine that:
(1) The municipality's or the joint agency's debt will bemanaged in strict compliance with law;
(2) The requirements of this Chapter with respect to theissuance of its bonds and the details thereof and security therefor have beenand will be satisfied;
(3) The estimated revenues of the project or the revenues of themunicipality's electric system, as the case may be, will be sufficient toservice all bonds to be outstanding after the issuance of the refunding bonds;
(4) The application of the proceeds of the refunding bonds willresult in the deferral of recovery in rates of a portion of the capital costsof the project for a reasonable period of time;
(5) All capital costs of the project will be recovered over aperiod ending, and all bonds issued for the project will mature, no later thanthe end of the then estimated useful economic life of the project;
(6) The issuance of the bonds is in the best interest of themunicipality's or joint agency's electricity customers; and
(7) The bond rating of the State and its several politicalsubdivisions and agencies allowed to issue bonds should not be adverselyaffected.
(c) The issuance of such bonds, the maturities and other detailsthereof, the rights of the holders thereof, and the rights, duties and obligationsof the municipality or joint agency in respect to the same shall be governed bythe provisions of this Chapter which relate to the issuance of bonds, insofaras such provisions may be appropriate thereto. (1975, c. 186, s. 1; 1989, c. 735, s. 2; 1995, c. 412,s. 16.)
(a) A municipality or joint agency is hereby authorized toprovide by resolution for the issuance of refunding bonds of the municipalityor joint agency for the purpose of refunding any bonds then outstanding whichshall have been issued under the provisions of this Chapter, including thepayment of any redemption premium thereon and any interest accrued or to accrueto the date of redemption of such bonds.
(b) In addition to any refunding bonds that may be issuedpursuant to subsection (a), a municipality or joint agency is hereby authorizedto provide by resolution for the issuance of refunding bonds for the purpose ofproviding for the payment of any interest accrued or to accrue on any bondswhich shall have been issued by the joint agency under the provisions of thisChapter; provided, however, that the refunding bonds are issued on or prior toJune 30, 1992, and the latest maturity of the refunding bonds issued for aproject is no later than the latest maturity of any other bonds issued by themunicipality or joint agency, as the case may be, then outstanding for the sameproject; and provided further that the Local Government Commission shallconduct an evidentiary hearing and upon the evidence presented find anddetermine that:
(1) The municipality's or the joint agency's debt will bemanaged in strict compliance with law;
(2) The requirements of this Chapter with respect to theissuance of its bonds and the details thereof and security therefor have beenand will be satisfied;
(3) The estimated revenues of the project or the revenues of themunicipality's electric system, as the case may be, will be sufficient toservice all bonds to be outstanding after the issuance of the refunding bonds;
(4) The application of the proceeds of the refunding bonds willresult in the deferral of recovery in rates of a portion of the capital costsof the project for a reasonable period of time;
(5) All capital costs of the project will be recovered over aperiod ending, and all bonds issued for the project will mature, no later thanthe end of the then estimated useful economic life of the project;
(6) The issuance of the bonds is in the best interest of themunicipality's or joint agency's electricity customers; and
(7) The bond rating of the State and its several politicalsubdivisions and agencies allowed to issue bonds should not be adverselyaffected.
(c) The issuance of such bonds, the maturities and other detailsthereof, the rights of the holders thereof, and the rights, duties and obligationsof the municipality or joint agency in respect to the same shall be governed bythe provisions of this Chapter which relate to the issuance of bonds, insofaras such provisions may be appropriate thereto. (1975, c. 186, s. 1; 1989, c. 735, s. 2; 1995, c. 412,s. 16.)
(a) A municipality or joint agency is hereby authorized toprovide by resolution for the issuance of refunding bonds of the municipalityor joint agency for the purpose of refunding any bonds then outstanding whichshall have been issued under the provisions of this Chapter, including thepayment of any redemption premium thereon and any interest accrued or to accrueto the date of redemption of such bonds.
(b) In addition to any refunding bonds that may be issuedpursuant to subsection (a), a municipality or joint agency is hereby authorizedto provide by resolution for the issuance of refunding bonds for the purpose ofproviding for the payment of any interest accrued or to accrue on any bondswhich shall have been issued by the joint agency under the provisions of thisChapter; provided, however, that the refunding bonds are issued on or prior toJune 30, 1992, and the latest maturity of the refunding bonds issued for aproject is no later than the latest maturity of any other bonds issued by themunicipality or joint agency, as the case may be, then outstanding for the sameproject; and provided further that the Local Government Commission shallconduct an evidentiary hearing and upon the evidence presented find anddetermine that:
(1) The municipality's or the joint agency's debt will bemanaged in strict compliance with law;
(2) The requirements of this Chapter with respect to theissuance of its bonds and the details thereof and security therefor have beenand will be satisfied;
(3) The estimated revenues of the project or the revenues of themunicipality's electric system, as the case may be, will be sufficient toservice all bonds to be outstanding after the issuance of the refunding bonds;
(4) The application of the proceeds of the refunding bonds willresult in the deferral of recovery in rates of a portion of the capital costsof the project for a reasonable period of time;
(5) All capital costs of the project will be recovered over aperiod ending, and all bonds issued for the project will mature, no later thanthe end of the then estimated useful economic life of the project;
(6) The issuance of the bonds is in the best interest of themunicipality's or joint agency's electricity customers; and
(7) The bond rating of the State and its several politicalsubdivisions and agencies allowed to issue bonds should not be adverselyaffected.
(c) The issuance of such bonds, the maturities and other detailsthereof, the rights of the holders thereof, and the rights, duties and obligationsof the municipality or joint agency in respect to the same shall be governed bythe provisions of this Chapter which relate to the issuance of bonds, insofaras such provisions may be appropriate thereto. (1975, c. 186, s. 1; 1989, c. 735, s. 2; 1995, c. 412,s. 16.)
