The district commission is hereby authorized to provide by resolution for the issuance
of special obligation refunding bonds of the district, and the board of county commissioners
is hereby authorized to provide by resolution, upon the request of the district commission
and with the concurrence of the district commission in all of the provisions of such
resolution, for the issuance of general obligation refunding bonds of the district,
for the purpose of refunding any bonds then outstanding which shall have been issued
under the provisions of this act [article], including the payment of any redemption
premium thereon and any interest accrued or to accrue to the date of redemption of
such bonds, or for the combined purpose of refunding any such outstanding bonds and
paying all or any part of the cost of purchasing, or otherwise acquiring, constructing,
reconstructing, improving, extending, enlarging or equipping any racing and recreational
facilities; provided, however, that the proceeds of any portion of any such general
obligation refunding bonds to be applied to paying all or any part of the cost of
purchasing, or otherwise acquiring, constructing, reconstructing, improving, extending,
enlarging or equipping any racing or recreational facilities as above provided, together
with the aggregate amount of bonds theretofore issued under section 230-75(b) hereof shall not exceed the aggregate principal amount of $3,000,000.00. The issuance
of such bonds, the maturities and other details thereof, the rights and remedies of
the holders thereof and the rights, powers, privileges, duties and obligations of
the district, of the county commissioners and of the district commission, with respect
to the same shall be governed by the foregoing provisions of this act [article] insofar
as the same may be applicable.
