Sec. 1506.115. REFUNDING BONDS. (a) The governing body of a municipality by ordinance may issue revenue refunding bonds to refund bonds, including revenue refunding bonds, issued under this subchapter.
(b) Refunding bonds issued under this section must be executed and mature as provided by this subchapter for original bonds.
(c) The comptroller shall register refunding bonds on surrender and cancellation of the bonds to be refunded.
(d) The comptroller shall register refunding bonds without the surrender and cancellation of the bonds to be refunded if the ordinance authorizing the issuance of the refunding bonds requires the obligation to be sold and the proceeds from the sale to be deposited in a place where the bonds to be refunded are payable.
(e) Refunding bonds to which Subsection (d) applies may be issued in an amount sufficient to pay:
(1) the principal of the bonds to be refunded; and
(2) the interest on the bonds to be refunded to the option or maturity date of the bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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