Sec. 1047.204. REFUNDING BONDS. (a) The board may issue refunding bonds to refund outstanding bonds issued by the district with the consent of the holders of the bonds to be refunded. (b) Before issuing refunding bonds, any sum to the credit of any sinking fund account on hand shall be: (1) deducted in determining the amount of refunding bonds to be issued; and (2) applied to the payment of the outstanding bonds.
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