Section 658.16 - Refunding bonds The commission is hereby authorized to provide, by resolution, for the issuance of turnpike revenue refunding bonds of the Commonwealth for the purpose of refunding any turnpike revenue bonds, notes or other obligations issued under the provisions of this act and then outstanding. The issuance of such turnpike revenue refunding bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of the Commonwealth and of the commission in respect to the same, shall be governed by the foregoing provisions of this act in so far as the same may be applicable, and by the following provisions:
(a) No turnpike revenue refunding bonds shall be delivered unless delivered in exchange for turnpike revenue bonds, notes or other obligations to be refunded thereby, except in the amount necessary to provide for the payment of matured or redeemable turnpike revenue bonds, notes or other obligations, or turnpike revenue bonds, notes or other obligations maturing or redeemable within three months, including any redemption premium thereon.(b) No turnpike revenue refunding bonds shall be issued unless issued to refund turnpike revenue bonds, notes or other obligations which have matured or will mature within three months, or unless the interest rate of the turnpike revenue refunding bonds shall be at least one-fourth of one per centum less than the interest rate borne by the turnpike revenue bonds, notes or other obligations to be refunded.1951, May 23, P.L. 335, § 16.