Sec. 8104.302.  REFUNDING BONDS.  (a)  After the action is approved by the Baytown City Council, the board by resolution may authorize the issuance of refunding bonds or notes to refund outstanding bonds or notes issued under this chapter and their accrued interest.
(b)  The authority may:
(1)  sell the refunding bonds or notes and use the proceeds to retire the outstanding bonds or notes; or
(2)  exchange the refunding bonds or notes for the outstanding bonds or notes.
(c)  To the extent the provisions of this chapter relating to original bonds or notes may be made applicable, those provisions apply to:
(1)  the issuance of the refunding bonds or notes;
(2)  the maturity of the refunding bonds or notes;
(3)  the rights of the bondholders; and
(4)  the authority's duties regarding refunding bonds or notes.
(d)  The authority also may refund bonds or notes under any general law of this state.
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.06, eff. April 1, 2007.