(a) No bridge revenue refunding bonds shall be delivered unless delivered in exchange for bridge revenue bonds to be refunded thereby, except in the amount necessary to provide for the payment of matured or redeemable bridge revenue bonds or bridge revenue bonds maturing or redeemable within three months, including any redemption premium thereon.
(b) No bridge revenue refunding bonds shall be issued unless issued to refund bridge revenue bonds which have matured or will mature within six months, or unless the interest rate of the bridge revenue refunding bonds shall be at least one fourth of one percent (¼ of 1%) less than the interest rate borne by the bridge revenue bonds to be refunded.
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