(a) Improvement district refunding bonds issued for the refunding of the outstanding improvement district bonds of any improvement district shall bear the name of the improvement district for which they are issued, shall be in the form and issued and sold and subject to call and under all the other conditions and terms as prescribed by §§ 14-12.1 to 14-12.5, except as otherwise prescribed in Articles 8 through 14.
(b) A lower rate of interest than that authorized in the original issue of improvement district bonds may be prescribed and the improvement district refunding bonds may be authorized to run for a term not to exceed 30 years after the final stated maturity of the improvement district bonds being refunded.
(c) General obligation refunding bonds issued for the refunding of outstanding general obligation bonds issued to finance improvements within an improvement district shall be authorized, issued and sold in accordance with HRS Chapter 47, as amended. Such general obligation refunding bonds may be authorized to run for a term not to exceed 25 years after the final stated maturity of the general obligation bonds being refunded.
(Sec. 24-6.5, R.O. 1978 (1987 Supp. to 1983 Ed.)) (1990 Code, Ch. 14, Art. 28, § 14-28.5) (Am. Ord. 90-91)