The city shall have the power, whenever it deems refunding expedient, to refund any bonds issued under ORS § 280.410 to 280.485 by the issuance of new bonds, whether the bonds to be refunded have or have not matured. The refunding bonds may be exchanged for bonds to be refunded and the proceeds applied to the purchase, redemption or payment of such bonds. [1977 c.772 § 11]

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