The governing body of any county is authorized to provide by resolution for the issuance
of bridge revenue refunding bonds of such county for the purpose of refunding any
bridge revenue bonds or any other indebtedness of said bridge of the county which
were issued before April 22, 1941, or may be issued under the provisions of sections 39-860 to 39-866, and amendments thereto, and may be outstanding. The issuance of such bridge revenue refunding bonds, the maturities, and other details
thereof, the rights of the holders thereof, and the duties of the county in respect
to the same, shall be governed by the provisions of said sections, insofar as the
same may be applicable, and by the following provisions: (1) That no bridge revenue
refunding bonds shall be delivered in an amount exceeding the amount necessary to
provide funds sufficient for refunding the principal amount of outstanding bridge
revenue bonds and accrued interest thereon, together with an amount required to produce
the sum necessary to provide the redemption premium on any outstanding bonds to be
refunded and any expenses incidental thereto; and (2) the rates of tolls, to be charged
for the use of the bridge or bridges acquired from the proceeds of the bridge revenue
bonds to be refunded, shall be so fixed and adjusted as to provide a fund sufficient
to pay the interest on and the principal of such bridge revenue refunding bonds as
the same shall become due, and to provide an additional fund to pay the cost of maintaining,
repairing, and operating such bridge or bridges. Any such tolls shall be continued until such bridge revenue refunding bonds and the
interest thereon shall be paid, or provision made for their payment.
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