Sec. 306.054.  REFUNDING BONDS.  (a)  The board may issue refunding bonds for the purpose of refunding one or more series or installments of outstanding original or refunding revenue bonds of the board.
(b)  The refunding bonds must be issued, approved by the attorney general, and registered with the comptroller of public accounts in the manner and on the terms and conditions prescribed by this chapter for the issuance of original bonds.
(c)  Refunding bonds must bear interest at rates not to exceed that provided by this chapter for original bonds.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.