Sec. 1103.205.  REFUNDING BONDS.  (a)  District refunding bonds may, without an election, be issued to refund any 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 outstanding bonds; or
(2)  exchanged wholly or partly for not less than a similar principal amount of the outstanding bonds.
Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.