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(a) The board may, without an election, issue refunding bonds to refund outstanding general obligation bonds issued or assumed 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 in whole or in part for not less than a like principal amount of the bonds 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.
Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 1009.205. Refunding Bonds - last updated April 14, 2021 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-1009-205/
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