Sec. 1041.206.  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 bond applied to the payment of the bonds to be refunded; or
(2)  exchanged wholly or partly for not less than a similar amount of outstanding bonds and the unpaid matured interest on the bonds.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.