46A-9-58. Refunding of district obligations.Such resolution or agreement may further provide for the refunding of any such water user district obligation through the issuance of other district obligations, entitled to rights and priorities similar in all respects to those held by the district obligations that are refunded and for the issuance of such refunding district obligations, either in exchange for district obligations then outstanding, or the sale thereof and the application of the proceeds of such sale to the retirement of the district obligations then outstanding. Source: SL 1939, ch 291, §10; SDC Supp 1960, §61.1310; SDCL, §46-16-56.
South Dakota Legal Code