Sec. 1038.207. REFUNDING BONDS

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(a) The board may, without an election, issue refunding bonds to refund outstanding indebtedness issued or assumed by the district.
(b) Refunding bonds may be:
(1) sold, with the proceeds of the refunding bonds applied to the payment of the outstanding indebtedness; or
(2) exchanged wholly or partly for not less than a similar principal amount of outstanding indebtedness.
(c) A refunding bond must mature not later than the 40th anniversary of the date of issuance.

Added by Acts 2007, 80th Leg., R.S., Ch. 920 , Sec. 1.02, eff. April 1, 2009.

                    
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