Any lottery revenue bonds issued hereunder and at any time outstanding may, at any
time and from time to time, be refunded by a county, municipality or board of education
by the issuance of its refunding bonds in such amount as the governmental body may
determine necessary to refund the principal of the bonds so to be refunded, together
with any unpaid interest thereon; to make any improvements or alterations in the
public project; and any premiums and commissions necessary to be paid in connection
therewith. Any refunding may be effected whether the bonds to be refunded have then matured
or shall thereafter mature, either by sale of the refunding bonds and the application
of the proceeds thereof for the redemption of the bonds to be refunded thereby or
by exchange of the refunding bonds for the bonds to be refunded thereby: Provided, That the holders of any bonds so to be refunded may not be compelled without their
consent to surrender their bonds for payment or exchange prior to the date on which
they are payable or, if they are called for redemption, prior to the date on which
they are by their terms subject to redemption. Any refunding bonds issued under the authority of this article shall be payable
from the lottery revenues, the Lottery Revenue Fund or from other moneys or the principal
of and interest on or other investment yield from investments or proceeds of bonds
or other applicable funds and moneys, including investments of proceeds of any refunding
bonds, and are subject to the provisions contained in section five, six or seven of
this article, as applicable.
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