60-11-1209. Refunding bonds. (1) The department may issue railroad rolling stock refunding revenue bonds. These bonds are subject to the same provisions as the railroad rolling stock revenue bonds.
     (2) Refunding bonds may be sold or exchanged for outstanding bonds. The proceeds may be applied to the purchase, redemption, or repayment of outstanding bonds, and if not prevented by agreement with the bondholders, the proceeds may be invested as provided in Title 17, chapter 6, pending use of the proceeds for the purchase, redemption, or repayment of outstanding bonds.

     History: En. Sec. 9, Ch. 565, L. 1979.