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(a) The board may issue refunding bonds to refund outstanding indebtedness 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 wholly or partly for not less than a similar principal amount of outstanding indebtedness.
Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 21.408. Refunding Bonds - last updated April 14, 2021 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-21-408/
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