Sec. 1118.205. REFUNDING BONDS

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(a) The board may issue refunding bonds to refund outstanding indebtedness issued or assumed by the district.
(b) A refunding bond may be:
(1) sold, with the proceeds of the bond 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.

Added by Acts 2009, 81st Leg., R.S., Ch. 1139 , Sec. 1.01, eff. April 1, 2011. Redesignated from Special District Local Laws Code, Section 1072.205 by Acts 2011, 82nd Leg., R.S., Ch. 91 , Sec. 27.001(53), eff. September 1, 2011.

                    
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