Sec. 1037.205.  REFUNDING BONDS.  (a)  The board may, without an election, 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 outstanding indebtedness; or
(2)  exchanged wholly or partly for not less than a similar principal amount of outstanding indebtedness.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.