The Commission, with the prior approval of the Director, may issue commercial paper, refunding notes, warrants, or other evidences of short-term indebtedness, in anticipation of the issuance of revenue bonds, for the purpose of paying and redeeming, at or prior to maturity, outstanding short-term indebtedness issued in accordance with this Article. Notwithstanding the preceding sentence, any short-term indebtedness issued to refund outstanding short-term indebtedness may not:
(a) Exceed the interest cost limitation set forth in Section 43.5.2; and
(b) Exceed the limitation on the maximum principal amount of short-term indebtedness set forth in Section 43.5.4; and
(c) Mature more than five years from the original date of issuance of the original short-term indebtedness it is refunding.
Short-term indebtedness issued to refund outstanding short-term indebtedness may be refunded by the Commission in accordance with this Section 43.5.5.
(Added by Ord. 12-00, File No. 992117, App. 2/11/2000)