Q The school district currently have one or more sixteenth section principal loans outstanding that were issued pursuant to Section 29-3-113. May the district issue refunding bonds pursuant to either Sections 31-27-1 et seq or 31-15-1 et seq to refinance these loans?

A Yes, but note that Section 31-27-13 requires that refunding bonds issued pursuant to that chapter shall result in ďan overall net present value savings to maturity of not less than two percent (2%) of the bonds being refunded.Ē (Attorney Generalís Opinion to Caves, February 28, 2014)