As Amended
SEC. 31-15-5. Election not required.
(1) The governing authority of any political subdivision may, without an election on the question of the issuance
thereof, issue the bonds of such subdivision for the purpose of refunding any bonded indebtedness of such
subdivision now or hereafter outstanding, whether such bonded indebtedness shall at the time of such refunding be
due or to mature in the future, and regardless of whether the issuance of such refunding bonds shall create a total
bonded indebtedness of such subdivision in excess of the then existing statutory limitation of debt.
(2) The board of supervisors of any county may issue the bonds of any county, consolidated school district, rural
separate school district or separate road district, for the purpose of refunding the outstanding bonded indebtedness
of any such county or district when the same shall mature, whether now due or to become due in the future
without notice and without an election on the question of the issuance of same, regardless of whether or not the
issuance of such bonds shall create a total bonded indebtedness in excess of the then existing statutory limitation of
debt.
(3) Such bonds may be issued in sufficient amount to pay and retire any of the then outstanding bonds, whether
matured or to mature in the future, together with interest thereon to the date of the refunding bonds or to such
prior date as the governing authority may determine; and such power to refund such bonds and interest may be
exercised whenever funds available from taxes are not sufficient to pay such outstanding bonds and the interest
thereon whenever they may mature.
SOURCES: Codes, Hemingway's 1921 Supp. Sec. 6662j; 1930, Sec. 5986; 1942, Secs. 4346, 4360; Laws, 1920, ch. 207; 1932, ch. 167; 1934, ch. 143.