Idaho State Statutes - Idaho Attorney Directory

The association may provide for the
issuance of refunding obligations for the purpose of refunding any obligations
then outstanding which have been issued under the provisions of this act,
including the payment of any redemption premium thereon and any interest
accrued or to accrue to the date of redemption of such obligations and for any
corporate purpose of the association. The issuance of such obligations, the
maturities and other details thereof, the rights of the holders thereof, and
the rights, duties and obligations of the association in respect of the same
shall be governed by the provisions of this act which relate to the issuance
of obligations, insofar as such provisions may be appropriate therefor.
Refunding obligations may be sold or exchanged for outstanding obligations
issued under this act and, if sold, the proceeds thereof may be applied, in
addition to any other authorized purposes, to the purchase, redemption or
payment of such outstanding obligations. Pending the application of the
proceeds of any such refunding obligations, with any other available funds, to
the payment of the principal, accrued interest and any redemption premium on
the obligations being refunded, and, if so provided or permitted in the
resolution authorizing the issuance of such refunding obligations or in the
trust agreement securing the same, to the payment of any interest on such
refunding obligations and any expenses in connection with such refunding, such
proceeds may be invested in direct obligations of, or obligations the
principal of and interest on which are unconditionally guaranteed by the
United States of America which shall mature or which shall be subject to
redemption by the holders thereof, at the option of such holders, not later
than the respective dates when the proceeds, together with the interest
accruing thereon, will be required for the purposes intended.

Click here to visit the Official Idaho State Statutes