The Authority is hereby authorized to provide for the issuance of revenue bonds for
the purpose of refunding any of its revenue bonds then outstanding, including the
payment of any redemption premium thereon and any interest accrued or to accrue to
the earliest or subsequent date of redemption, purchase, or maturity of such revenue
bonds. The proceeds of any such revenue bonds issued for the purpose of refunding
outstanding revenue bonds may, in the discretion of the Authority, be applied to the
purchase or retirement at maturity or redemption of such outstanding revenue bonds
either on their earliest or any subsequent redemption date, or upon the purchase or
at the maturity thereof, and may, pending such application, be placed in escrow to
be applied to such purchase or retirement at maturity or redemption on such date as
may be determined by the Authority. Any such escrowed proceeds, pending such use,
may be invested and reinvested in direct obligations of the United States, in any
obligations of which the principal and interest are unconditionally guaranteed by
the United States, in certificates of deposit or time deposits secured by direct obligations
of the United States, or in any obligations of which the principal and interest are
unconditionally guaranteed by the United States, maturing at such time or times as
shall be appropriate to assure the prompt payment, as to principal, interest, and
redemption premium, if any, of the outstanding revenue bonds to be so refunded. The
interest, income, and profits, if any, earned or realized on any such investment may
also be applied to the payment of the outstanding revenue bonds to be so refunded.
After the terms of the escrow have been fully satisfied and carried out, any balance
of such proceeds and interest, income, and profits, if any, earned or realized on
the investments thereof may be returned to the Authority for use by it in any lawful
manner. All such revenue bonds issued for the purposes of refunding shall be subject
to the provisions of this article in the same manner and to the same extent as other
revenue bonds issued pursuant to this article.
(Ord. No. 79-92, § 5(C), 10-16-79)
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