The commission is hereby authorized to provide by resolution for the issuance of turnpike
revenue refunding bonds of the Commonwealth for the purpose of refunding any turnpike
revenue bonds issued under the provisions of this act and then outstanding. The issuance of such turnpike revenue refunding bonds, the maturities and other
details thereof, the rights of the holders thereof and the duties of the Commonwealth
and of the commission in respect to the same shall be governed by the foregoing provisions
of this act in so far as the same may be applicable and by the following provisions:
(a) No turnpike revenue refunding bonds shall be delivered unless delivered in exchange
for turnpike revenue bonds to be refunded thereby, except in the amount necessary
to provide for the payment of matured or redeemable turnpike revenue bonds or turnpike
revenue bonds maturing or redeemable within three months, including any redemption
(b) No turnpike revenue refunding bonds shall be issued unless issued to refund turnpike
revenue bonds which have matured or will mature within three months or unless the
interest rate of the turnpike revenue refunding bonds shall be at least one-fourth
of one per centum less than the interest rate borne by the turnpike revenue bonds
to be refunded.
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