Sec. 1036.205. REFUNDING BONDS. (a) The board may issue refunding bonds to refund an 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.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
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