§ 250.417.

SALE OF NEW BONDS-RETIREMENT OF OLD BONDS

If any part of the outstanding bonds have matured or will mature before the time for providing for the servicing of the new bonds, or if interest has accrued or will so accrue, the Board may provide for the issuance of additional new bonds in the amount thereof and for their maturity. If the holders of said outstanding bonds or coupons, or any other holders of outstanding bonds or coupons have refused to accept exchange of bonds therefor, the Board shall sell additional bonds in the amount thereof, and deposit the proceeds in the redemption fund. Said outstanding bonds shall forthwith become due and payable without premium, and shall no longer bear interest.

History

(Added by Ord. 225-81, App. 5/5/81)

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