Refunding public securities may be made payable from any revenues derived from any
utility, system, project, or other source which might be legally pledged for the payment
of the public securities being refunded at the time of the refunding or at the time
of the issuance of the public securities being refunded, as the governing body of
the issuer may determine, notwithstanding the pledge of such revenues for the payment
of the outstanding public securities being refunded is thereby modified; but there
shall not be pledged for the payment of the refunding public securities any revenues
which might not have been lawfully pledged for the payment of the public securities
being refunded because of limitations in any question authorizing their issuance,
unless the refunding public securities are similarly authorized at an election by
the majority required by law for the issuance of the public securities being refunded.
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