Sec. 15. Authorization for Issuance of Refunding Obligations. (a) The authority is authorized to provide for the issuance of refunding obligations
for the purpose of refunding any obligations then outstanding which shall have been
issued under the provisions of this chapter, including the payment of any redemption
premium thereon and any interest accrued or to accrue to the date of redemption of
such obligations, and for any corporate purpose of the authority. The issuance of such obligations, the maturities and other details thereof, the
rights of the holders thereof, and the rights, duties and obligations of the authority
in respect of the same shall be governed by the provisions of this chapter which relate
to the issuance of obligations, insofar as such provisions may be appropriate therefor.
(b) Refunding obligations may be sold or exchanged for outstanding obligations issued
under this chapter and, if sold, the proceeds thereof may be applied, in addition
to any other authorized purposes, to the purchase, redemption or payment of such outstanding
obligations. Pending the application of the proceeds of any such refunding obligations (together
with any other available funds) to the payment of the principal, accrued interest
and any redemption premium on the obligations being refunded, or if so provided or
permitted in the resolution authorizing the issuance of such refunding obligations
or in the trust agreement securing the same to the payment of any interest on such
refunding obligations and any expenses in connection with such refunding, such proceeds
shall be invested in: (1) direct obligations of, or obligations the principal of
and the interest on which are unconditionally guaranteed by, the United States of
America and agencies of the United States of America; or (2) general obligations
of the state, which shall mature or which shall be subject to redemption by the holders
thereof, at the option of such holders, not later than the respective dates when the
proceeds, together with the interest accruing thereon, will be required for the purposes
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