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Texas Statutes (Last Updated: January 4, 2014) |
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SPECIAL DISTRICT LOCAL LAWS CODE |
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Title 6. WATER AND WASTEWATER |
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Subtitle G. RIVER AUTHORITIES |
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Chapter 8501. ANGELINA AND NECHES RIVER AUTHORITY |
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Subchapter F. OBLIGATIONS RELATING TO BORROWED MONEY |
Sec. 8501.269. REFUNDING OBLIGATION
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(a) The authority may authorize and issue, on terms the board considers advisable, a refunding obligation to provide for the retirement of an outstanding obligation issued by the authority under this chapter. The refunding obligation:
(1) may be issued for an obligation that is due or to become due; and
(2) is subject to the provisions of this chapter relating to the issuance of other obligations.
(b) A refunding obligation may be:
(1) exchanged for like par amounts of the outstanding obligation; or
(2) sold, with the proceeds being used to retire the outstanding obligation.
(c) The refunding obligation must be:
(1) secured in all respects to the same extent as other obligations issued under this chapter; and
(2) paid from the same revenue from which the refunded obligation was to be paid.