The Council may, by resolution, authorize the issuance of new bonds to refund any or all of the District Debt outstanding or improvement area bonds outstanding that have been issued pursuant to this Chapter.
The Council may issue refunding Debt without repeating any of the procedures required for the approval of the original Debt issue, if the Council determines that the total net interest cost to the maturity on the refunding Debt plus the principal amount of the refunding Debt does not exceed the total net interest cost to maturity on the Debt to be refunded plus the principal amount of the Debt to be refunded. Subject to these limitations, the principal amount of the refunding Debt may be more than, less than, or the same as the principal amount of the Debt to be refunded.
The total authorized amount of the Debt of a District or an improvement area in a District, as approved by the qualified voters thereof, shall not be reduced by the principal amount of any refunding Debt issued to refund any or all outstanding Debt of the District or improvement area.
SECTION HISTORY
Added by Ord. No. 177,051, Eff. 11-20-05.