Sec. 1050.207.  REFUNDING BONDS.  (a) The board may 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 indebtedness to be refunded; or
(2)  exchanged wholly or partly for not less than a similar principal amount of outstanding indebtedness.
Added by Acts 2013, 83rd Leg., R.S., Ch. 1040 (H.B. 2907), Sec. 10, eff. June 14, 2013.