SDCL § 46A-1-56: Refunding bonds authorized for matured obligations.

The district may issue negotiable refunding bonds for the following purposes:

(1) To refund unpaid matured bonds;

(2) To refund unpaid matured coupons evidencing interest upon its unpaid matured bonds; and

(3) To refund interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of those bonds.

Source: SL 1972, ch 241, § 50; SDCL Supp, § 46-17A-49; SL 2011, ch 165, § 306.