Section 3962 - Refunding bonds authorized(a) For the purpose of redeeming or retiring any or all of said bonds of Series "D," bonds of the Commonwealth of Pennsylvania, to be known as "Series 'D' Refunding Loan of the Commonwealth of Pennsylvania," shall be issued on the credit of the Commonwealth, from time to time, for such total amounts not in excess, however, at any time of the amount of bonds of "Series 'D' Loan of the Commonwealth of Pennsylvania" then outstanding and callable for redemption, as provided in section one hereof, less any moneys available in the Sinking Fund and applicable to the redemption of said bonds, in such form, in such denominations, and subject to such terms and conditions of issue, redemption and maturity, not longer than the first day of December, one thousand nine hundred fifty-one, rates of interest, less, however, than four and three quarters per centum (4 3/4 %) per annum, and time of payment of interest, as the Governor, the Auditor General, and the State Treasurer shall direct.(b) All bonds issued under the authority of this act shall bear the facsimile signatures of the Governor, the Auditor General, and the State Treasurer, and a facsimile of the great seal of the Commonwealth of Pennsylvania, and shall be countersigned by two duly authorized officers of the duly authorized loan and transfer agent of the Commonwealth.(c) The principal and interest of such bonds shall be payable in lawful money of the United States. All bonds issued under the provisions of this act shall be exempt from taxation for State and local purposes.(d) Such bonds may be issued with or without interest coupons attached. In case interest coupons are attached they shall contain facsimile signatures of the State Treasurer and the Auditor General.(e) The Governor, the Auditor General, and the State Treasurer shall, from time to time, have the necessary bonds prepared and printed. The bonds, as soon as they are prepared and printed, shall be forthwith deposited with the duly authorized loan and transfer agent of the Commonwealth, there to remain until sold or exchanged, in accordance with the provisions of this act.1936, First Ex.Sess., June 24, P.L. 24, No. 12, § 2.