Where any revenue bonds to be refunded are not to be surrendered for exchange or payment
and are not to be paid at maturity with escrowed obligations, but are to be paid from
such source prior to maturity pursuant to call for redemption exercised under a right
of redemption reserved in such revenue bonds, the governing body of the public body
shall, prior to the issuance of the refunding bonds, determine which redemption date
or dates shall be used, call such revenue bonds for redemption and provide for the
giving of the notice of redemption required by the proceedings authorizing such revenue
bonds. Where such notice is to be given at a time subsequent to the issuance of the refunding
bonds, the necessary notices may be deposited with the state sinking fund commission
or the bank acting as escrow agent of the refunding bond proceeds and the escrow agent
appropriately instructed and authorized to give the required notices at the prescribed
time or times. If any officer of the public body signing any such notice shall no longer be in
office at the time of the utilization of the notice, the notice shall nevertheless
be valid and effective for its intended purpose.
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