Sec. 1008.257.  REFUNDING BONDS.  (a)  The board may, without an election, issue refunding bonds to refund outstanding bonds issued or assumed by the district.
(b)  A refunding bond 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.
(c)  If a refunding bond is sold, the bond must be issued and the payments must be made in the manner provided by Chapter 1207, Government Code.
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.

Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.