Pennsylvania Statutes Title 53 Pa.C.S.A. Municipalities Generally § 8241. Power to refund

(a) General rule.--Subject to the provisions of the outstanding bonds, notes or obligations evidencing lease rental debt and subject to the provisions of this subchapter, a local government unit may refund any outstanding debt, in whole or in part, at any time and may refund any outstanding notes with bonds or bonds with notes.

(b) Authorized purposes.--The refunding may be for any one or more of the following purposes:

It is immaterial whether or not any such refunding under paragraph (2), (3), (4) or (5) increases the total debt service payable over the life of the series.

(c) Definition.--As used in this section, the term “refund” and its variations shall mean the issuance and sale of obligations, the proceeds of which are used or are to be used for the payment or redemption of outstanding obligations upon or prior to maturity.