Proceedings to collect principal or interest on investments--Refunding of securities held

In the event of default in the payment of principal of, or interest on, any investment made, the investment council is authorized to institute the proper proceedings to collect the matured principal or interest and may accept for exchange purposes refunding bonds or other evidences of indebtedness at interest rates to be agreed upon with the obligor. Source: SL 1971, ch 27 , § 19.