Sec. 1061.208.  REFUNDING BONDS.  (a)  The board may, without an election, issue refunding bonds to refund outstanding indebtedness issued or assumed by the district.
(b)  Refunding bonds may be:
(1)  sold, with the proceeds of the refunding bonds applied to the payment of the outstanding indebtedness; or
(2)  exchanged wholly or partly for not less than a like principal amount of outstanding indebtedness.
Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.