Case Information
*2 .Y -1
1.
that the oo~ty *5~ulU legally aontroot with uoue a~umoy to bring togat,hcr t!lo bondholders and persuade tttom to exohan,ga their title percent.bonda for othera bearing a lam rate, and running over a &nger psrlcfl, and to pear the rrgoncy to 'j~epaX'@ and file appll- oetion for approval of a refunding plan; uurk out glm~~, *to preprr aca dslivor s3.l legal popero necessary for tha oonswm6i- tfon of the plans,' ths foe far tie servioes to be paid fro= the and not ilero from ttie procssdo of roea ena bridge sl inn fuad +-Ye p n prov BE for no mle.* sele, sin00 the
In the contract submAtted by you, It ~ppeara that in order to make the bonds svsllablc for refund&g, Christie k Company till hcve to so&r@ the outatandlw bends and ~mnce~wi11 bo tho bond- i:oldera, for w.iloae benafft the sinki~& fund wca oraated, and till axchange tbe o;ad bond8 for t!m rofundle bonds with full knowledge that the mlakiai: fun4 hns be@n tmed In part to a&a the rafurrdl~ possible, tlmroby oonsentla~ to the 1188 of three tunQ8 for t?mab pUTRose* haber O-3320, o cog CU whioh oplnfon ia Tn our opinion E
enclosed harcrwlt!i, we held thst the iScard of ounty and Dlctriot Iload Indrbtciiness has asiple authority for sllg:ble to pay s pmdu~~ roed bonds and to use t!m sinki= funds of CCUntieB deposited with tiio Board to r&tire auoh bends, in payment of suah pro&m. Xa based our oonolusion in Opinion O-3320 on provisions of eubneot@n 688 peaeed by the (m) of sootlon 6 ur &use 911 l&h Loidslstura, 9ession, 1939. Eefylar This Acti does ucjt cxprcs31y author?ze the payment 0r a preaium out of these funds, but lo h.piiea rrotu the authority @an&d to purahass th6 bontis prior to maturity, I;1 otk3r vorih, the ii06 of thee0 funds fcr thet purpo~ is in keeping wit% tiie purpose f~cr urNoh t'la fund wru created, nBpe- ly, cl:e ultinate redwtlon cf tha bonds. Your second queatlon is, t:xmerore, auawep5U in the affirmative.
Yours very truly