§31-18-20. Authorized limit on borrowing.
The aggregate principal amount of bonds and notes issued by
the housing development fund shall not exceed one billion, two
hundred fifty million dollars outstanding at any one time:
Provided, That in computing the total amount of bonds and notes
which may at any one time be outstanding, the principal amount of
any outstanding bonds or notes refunded or to be refunded either by
application of the proceeds of the sale of any refunding bonds or
notes of the housing development fund or by exchange for any such
refunding bonds or notes, shall be excluded.