Section 1006.205 - Refunding Bonds(a) The board may issue refunding bonds to refund outstanding general obligation bonds or other refundable indebtedness issued by the district.(b) A refunding bond may be: (1) sold, with the proceeds of the refunding bond applied to the payment of the bonds or other refundable indebtedness to be refunded; or(2) exchanged in whole or in part for not less than a like principal amount of the bonds or other refundable indebtedness to be refunded.(c) If a refunding bond is sold, the bond must be issued and the payments must be made in the manner provided by Subchapters B and C, Chapter 1207, Government Code.Tex. Spec. Dist. Loc. Laws § 1006.205
Added by Acts 2005, 79th Leg., Ch. 729, Sec. 1.01, eff. 4/1/2007.