Issuance of refunding bonds
(1) The board may, without authorization from the electors, issue refunding bonds for the purpose of refunding outstanding bonds issued under ORS 450.895 (Bonds, general obligation or revenue or combination of both) to 450.920 (Disposition of proceeds of sale of bonds).
(2) The provisions of ORS 287A.360 (Current refunding bonds) to 287A.380 (Tax levy to pay maturing general obligation advance refunding bonds) are applicable to refunding bonds issued and sold under this section.
(3) The refunding bonds may be issued to refund bonds originally issued or to refund bonds previously issued for refunding purposes and for no other purpose. [1955 c.614 §47; 2007 c.783 §189]
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