§ 2-31-327. Additional security of refunding bonds.

As additional security for any issue of refunding bonds under this act [article], the county may, by resolution of its governing body, confer upon the holders of such refunding bonds all rights, powers and remedies which said holders would be entitled to if they were the owners and had possession of the bonds or other obligations for the refinancing of which such refunding bonds shall have been issued, including, but not limited to, the preservation of the lien of such bonds or other obligations on the revenues or special assessments of such utility system without extinguishment, impairment or diminution thereof. In the event the county exercises the powers conferred by this section 17 [section 2-31-327], each refunding bond shall contain a recital to the effect that the holder thereof has been granted the additional security provided for in this section 17 [section 2-31-327], and each bond or other obligation refinanced by any such refunding bonds shall be kept intact and shall not be cancelled or destroyed until the refunding bonds and the interest thereon have been finally paid and discharged, and shall be stamped with a legend to the effect that such bond or other obligation has been refinanced pursuant to this act [article].

(Ord. No. 14-41, § 39, 10-7-14)