Sec. 1009.205. REFUNDING BONDS  


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  • (a) The board may, without an election, issue refunding bonds to refund outstanding general obligation bonds issued or assumed by the district.

    (b) A refunding bond may be:

    (1) sold, with the proceeds of the refunding bond applied to the payment of the bonds to be refunded; or

    (2) exchanged in whole or in part for not less than a like principal amount of the bonds to be refunded.

    (c) If a refunding bond is sold, the bond must be issued and the payments must be made in the manner provided by Subchapters B and C, Chapter 1207, Government Code.

Added by Acts 2005, 79th Leg., Ch. 729 , Sec. 1.01, eff. April 1, 2007.