The district may issue negotiable refunding bonds for the following purposes:

1. (1) To refund unpaid matured bonds;
2. (2) To refund unpaid matured coupons evidencing interest upon its unpaid matured bonds; and
3. (3) To refund interest at the coupon rate upon its unpaid matured bonds that has accrued since the maturity of those bonds.

Source: SL 1972, ch 241 , § 50; SDCL Supp, § 46-17A-49; SL 2011, ch 165 , § 306.