Sec. 1006.205.  REFUNDING BONDS.  (a)  The board may issue refunding bonds to refund outstanding general obligation bonds or other refundable indebtedness issued 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 or other refundable indebtedness to be refunded; or
(2)  exchanged in whole or in part for not less than a like principal amount of the bonds or other refundable indebtedness 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.
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.