Sec. 1505.216.  TERMS OF ISSUANCE OF REFUNDING BONDS.  (a)  Refunding bonds may:
(1)  be issued under this subchapter to refund bonds of:
(A)  a single issue or two or more consecutive issues;  or
(B)  a single series or two or more consecutive series;
(2)  combine the pledges related to bonds to be refunded to secure the refunding bonds;  or
(3)  be secured by a pledge of other or additional revenue.
(b)  Refunding bonds issued under this subchapter have the same priority of lien on the revenue pledged to their payment as is pledged to the bonds to be refunded.
(c)  If two or more consecutive series or issues of bonds are refunded in a single issue of refunding bonds, the lien on all the refunding bonds is equal if all bonds of the several series or issues of bonds to be refunded are surrendered in exchange for the refunding bonds.
(d)  Refunding bonds issued under this subchapter may not have a priority of lien greater than the highest priority of lien of a series or issue of bonds to be refunded.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.