Title 45
Towns and Cities

Chapter 33.2
Municipal Tax Increment Financing Act

§ 45-33.2-10. Refunding bonds.

A city or town may, subject to any applicable provisions of § 45-12-5.2, issue refunding bonds for the purpose of paying any of its bonds issued under this chapter at maturity or upon acceleration or redemption. The refunding bonds may be issued at a time prior to the maturity or redemption of the refunded bonds as the city or town deems to be in the public interest. The refunding bonds may be issued in sufficient amounts to pay or provide the principal of the bonds being refunded, together with any redemption premium, any interest accrued or to accrue to the date of payment of the bonds, the expenses of issue of the refunding bonds, the expenses of redeeming the bonds being refunded, and the reserves for debt service or other purposes from the proceeds of the refunding bonds, as may be required by any agreement securing bonds. The issue of refunding bonds, the maturities and other details thereof, the security therefor, the rights of holders thereof, and the rights, duties, and obligations of the city or town with respect thereto shall be governed by the provisions of this chapter relating to the issue of bonds other than refunding bonds insofar as those provisions may be applicable.