As Amended
SEC. 65-23-115. Refunding bonds.
Subject to any restrictions which may appear in the aforesaid trust indenture or bond resolution, the state highway commission may by resolution provide for the issuance of bonds for the purpose of refunding any bonds issued under this article and at the time outstanding. The issuance of such refunding bonds, the maturities and other terms thereof, the rights of the holders thereof, and the duties of the state highway commission in respect to the same shall be governed by the foregoing provisions of this article insofar as the same may be applicable; but no such refunding bonds shall be delivered unless delivered in exchange for the bonds authorized to be refunded thereby, or unless sold and delivered to provide funds for the payment of matured or redeemable bonds maturing or redeemable within three months.
SOURCES: Codes, 1942, Sec. 8447-08; Laws, 1950, ch. 406, Sec. 8.