Section 1031.205 - Refunding Bonds(a) The board may, without an election, issue refunding bonds in the manner provided by this subchapter to refund outstanding bonds 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 to be refunded; or(2) exchanged wholly or partly for not less than a similar principal amount of the outstanding bonds and the unpaid matured interest on the bonds.Tex. Spec. Dist. Loc. Laws § 1031.205
Added by Acts 2007, 80th Leg., R.S., Ch. 920, Sec. 1.02, eff. 4/1/2009.