Section 1038.207 - Refunding Bonds(a) The board may, without an election, issue refunding bonds to refund 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.(c) A refunding bond must mature not later than the 40th anniversary of the date of issuance.Tex. Spec. Dist. Loc. Laws § 1038.207
Added by Acts 2007, 80th Leg., R.S., Ch. 920, Sec. 1.02, eff. 4/1/2009.