§ 12-105. Refunding bonds.

(1)

The county is hereby authorized to provide by resolution for the issuance of refunding bonds for the purpose of refunding any bonds then outstanding, whether issued under the provisions of this article or any other law for the purpose of paying all or part of the cost of a project. The county is further authorized to provide by resolution for the issuance of bonds for the combined purposes of paying the cost of acquiring or of constructing an additional project or projects or any additions, extensions, improvements or betterments to any project or projects and of refunding bonds of the county. The issuance of such refunding bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of the board and of the county in respect thereto, shall be governed by the foregoing provisions of this article insofar as the same may be applicable.

(2)

If such outstanding bonds to be refunded are not to be immediately redeemed upon the issuance of the refunding bonds, the board shall have the power to invest the proceeds of such refunding bonds, until the date or dates upon which the proceeds of the refunding bonds will be needed to accomplish the purposes of the refunding, in bonds, notes or other obligations of the United States of America guaranteed by the United States or for which the credit of the United States is pledged for the payment of the principal and interest or dividends, receipts, certificates or other similar documents evidencing ownership of future principal or interest payments due on the obligations described above which are held in a custody or trust account by a commercial bank which is a member of the Federal Deposit Insurance Corporation and which has combined capital surplus and undivided receipts of not less than twenty million dollars ($20,000,000.00), or in interest-bearing time deposits or savings accounts in banks organized under the laws of his state, in national banks organized under the laws of the United States and doing business and situated in this state, in savings and loan associations which are under state supervision, or in federal savings and loan associations located in this state and organized under federal law and federal supervision, provided that any such deposits are secured by collateral as may be prescribed by law.

(Ord. No. 85-34, § 11, 12-17-84)