Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) Refunding bonds may:
(1) be issued under this subchapter to refund bonds of:
(A) a single issue or two or more consecutive issues; or
(B) a single series or two or more consecutive series;
(2) combine the pledges related to bonds to be refunded to secure the refunding bonds; or
(3) be secured by a pledge of other or additional revenue.
(b) Refunding bonds issued under this subchapter have the same priority of lien on the revenue pledged to their payment as is pledged to the bonds to be refunded.
(c) If two or more consecutive series or issues of bonds are refunded in a single issue of refunding bonds, the lien on all the refunding bonds is equal if all bonds of the several series or issues of bonds to be refunded are surrendered in exchange for the refunding bonds.
(d) Refunding bonds issued under this subchapter may not have a priority of lien greater than the highest priority of lien of a series or issue of bonds to be refunded.
Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1505.216. Terms of Issuance of Refunding Bonds - last updated April 14, 2021 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1505-216.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?