Sec. 1005.208.  REFUNDING BONDS.  (a)  The board may 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 bonds to be refunded; or
(2)  exchanged in whole or in part for not less than a similar principal amount of outstanding indebtedness.
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.