CHAPTER 15. ADVANCE REFUNDING OF BONDS
§1461. Definitions
As used in this Chapter, the following terms shall have the following meanings:
(1) "Outstanding bonds" means all or any one or more of the following bonds issued directly by the state or by any state board, agency, or commission which may be outstanding at any time:
(a) General obligation bonds which are secured by the full faith and credit of the state, which may or may not be payable from the Bond Security and Redemption Fund, including those bonds which are payable primarily from specified portions of specific taxes or other dedicated revenues.
(b) Bonds which are not secured by the full faith and credit of the state, but which are payable from dedicated portions of specific state taxes and may or may not be additionally payable from the Bond Security and Redemption Fund.
(2) "Refund" means the act of refunding, including readjusting, extending, and unifying outstanding bonds or issues of bonds.
(3) "Refunded bonds" means the bonds being refunded by the issuance of refunding bonds.
(4) "Government obligations" means direct obligations of or obligations the payment of the principal and interest of which is unconditionally guaranteed by the United States of America.
Added by Acts 1978, No. 382, §1, eff. July 12, 1978.
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