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Texas Statutes (Last Updated: January 4, 2014) |
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WATER CODE |
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Title 4. GENERAL LAW DISTRICTS |
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Chapter 58. IRRIGATION DISTRICTS |
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Subchapter J. ISSUANCE OF BONDS |
Sec. 58.479. REDEMPTION OF INTERIM BONDS
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(a) At the option of the board, interim bonds may be redeemed at any time or times before maturity on payment by the district of the principal and accrued interest to the date fixed for redemption by the board.
(b) When interim bonds are called for redemption before maturity, the secretary shall give written notice of the redemption to the bank or banking house named as the place of payment in the bonds or to its successor or assign.
(c) In the notice, the secretary shall designate the bond or bonds called for redemption and payment and shall state the number or numbers of the bonds.
(d) The notice shall include the redemption date which shall not be more than 60 days after the date notice of call for payment is made.
(e) If any of the bonds which are called for redemption are not presented, they shall cease to bear interest from and after the date fixed for redemption.