§ 7.11. Refunding bonds.

Bonds may be issued hereunder for the purpose of refunding not more than a like principal amount of any outstanding bonds of the metropolitan government, including any bonds heretofore issued by the County of Davidson or the City of Nashville. Such refunding bonds may be issued without regard to the amount of bonded indebtedness of the metropolitan government, either for general bonds or urban bonds, and without the necessity of the approval of the qualified electors or the holding of any election, and shall not be subject to the referendum on petition provisions of this article. Where the bonds to be refunded have become due, or become due or are called for redemption not more than six months after the delivery of the refunding bonds, the refunding bonds may be delivered and the proceeds thereof escrowed with the fiscal agent of the metropolitan government for the payment of the bonds to be refunded in such manner as the council may prescribe.