48-2771. Authority to refund indebtedness When a district has outstanding bonds, coupons or other evidences of indebtedness, the payment thereof may be provided for by the issuance of new bonds or refunding bonds in the manner prescribed by this article.
48-2772. Petition requesting issuance of refunding bonds In order to propose the refunding of such bonds, coupons or other evidences of indebtedness, a petition shall be presented to the board of directors, signed by a majority of the qualified electors of the district. The petition shall set forth the amount of bonds, coupons or other […]
48-2773. Election to authorize issuance of refunding bonds A. Immediately after entering the petition on its minutes, the board shall call an election at which shall be submitted to the qualified electors of the district the question of whether or not the bonds of the district, in the amount set forth in the petition, shall […]
48-2774. Terms of refunding bonds; interest rate; form A. The refunding bonds shall be made payable in legal currency of the United States in twenty series, as follows: 1. On January 1, after the expiration of twenty years, five per cent of the whole amount of the bonds issued. 2. On January 1 of each […]
48-2775. Sale of refunding bonds; disposition of proceeds A. When the refunding bonds are issued the board may sell them to the highest bidder from time to time in such quantities as may be necessary and most advantageous to raise money to pay the bonds, coupons or other evidences of indebtedness of the district outstanding […]
48-2776. Exchange of refunding bonds for bonds, coupons or evidences of indebtedness; report of cancellations A. When refunding bonds issued under this article are executed, they shall be deposited with the treasurer of the county in which the district was organized. The treasurer shall receive the bonds, give receipt therefor, and shall be charged with […]
48-2777. Minimum rate of exchange The refunding bonds may be exchanged at not less than ninety-five per cent of their par value, including accrued interest, for any of the indebtedness described in the notice of the election authorizing the issuance of the refunding bonds. A contract for such exchange may be made by the board […]
48-2778. Unlawful sale or exchange of refunding bonds It is unlawful for the board of directors to sell or exchange any refunding bonds for less than ninety-five per cent of their par value.
