Refunding bonds may be sold or exchanged, as follows.
(A) In installments at different times, or an entire issue or series may be sold or exchanged at one time. Any issue or series of refunding bonds may be exchanged in part or sold in parts in installments at different times or at one time. The refunding bonds may be sold or exchanged at any time on, before, or after the maturity of any of the outstanding notes, bonds, certificates, or other obligations to be refinanced thereby.
(B) If the City Commission determines to exchange any refunding bonds, the refunding bonds may be exchanged privately for any in payment and discharge of any of the outstanding notes, bonds, or other obligations of the municipality. The refunding bonds may be exchanged for a like or greater principal amount of the notes, bonds, or other obligations of the municipality, except that the principal amount of the refunding bonds may exceed the principal amount of the outstanding notes, bonds, or other obligations to the extent necessary or advisable, in the discretion of the governing body, to fund interest in arrears or about to become due. The holder of the outstanding notes, bonds, or other obligations need not pay accrued interest on the refunding bonds to be delivered in exchange therefor if and to the extent that interest is due or accrued and unpaid on the outstanding notes, bonds, or other obligations to be surrendered.
(C) If the City Commission determines to sell any refunding bonds, the refunding bonds shall be sold at not less than 95% of par at public or private sale in a manner and upon the terms as the City Commission shall deem best for the interest of the municipality.
(Special Acts, Ch. 57-1754, § 171) ('58 Code, § 45.108)