44-4328.

Refunding bonds; issuance; terms.

A risk management pool may issue and sell refunding bonds for the purpose of paying or providing for the payment of any of its bonds at or prior to maturity or upon acceleration or redemption. Refunding bonds may be issued at any time prior to or at the maturity or redemption of the refunded bonds as the risk management pool's board of directors deems appropriate. The refunding bonds may be issued in a principal amount not exceeding an amount sufficient to pay or to provide for the payment of (1) the principal of the bonds being refunded, (2) any redemption premium thereon, (3) interest accrued or to accrue to the first or any subsequent redemption date or dates selected by the risk management pool's board of directors in its discretion, or to the date or dates of maturity, whichever is determined to be most advantageous or convenient for the risk management pool, (4) the expenses of issuing the refunding bonds, including bond discount, and redeeming the bonds being refunded, and (5) such reserves for debt service or other capital or current expenses from the proceeds of such refunding bonds as may be deemed necessary or convenient by the board of directors of the issuing risk management pool. A determination by the board of directors that any refinancing is advantageous or necessary to the risk management pool, that any of the amounts provided in this section should be included in such refinancing, or that any of the bonds to be refinanced should be called for redemption on the first or any subsequent redemption date or permitted to remain outstanding until their respective dates of maturity shall be conclusive.