KRS 247.951: Issuance of refunding bonds.

Subject to the rights of the holders of the bonds of the corporation, the corporation is

hereby authorized and empowered to issue from time to time its bonds for the purpose of

refunding any bonds of the corporation then outstanding, together with the paym ent of

any redemption premiums thereon and interest accrued or to accrue to the date of

redemption of such outstanding bonds. All the refunding bonds of the corporation shall be

issued, sold or exchanged, and delivered, shall be secured, and shall be subje ct to the

provisions of KRS 247.940 to 247.978 in the same manner and to the same extent as any

other bonds issued by the corporation pursuant to KRS 247.940 to 247.978, unless

otherwise determined by resolution of the corporation. Refunding bonds issued b y the

corporation as herein provided may be sold or exchanged for outstanding bonds of the

corporation and, if sold, the proceeds thereof may be applied, in addition to any other

authorized purposes, to the purchase, redemption, or payment of the outstanding bonds.