Sec. 8501.269.  REFUNDING OBLIGATION.  (a)  The authority may authorize and issue, on terms the board considers advisable, a refunding obligation to provide for the retirement of an outstanding obligation issued by the authority under this chapter.  The refunding obligation:
(1)  may be issued for an obligation that is due or to become due;  and
(2)  is subject to the provisions of this chapter relating to the issuance of other obligations.
(b)  A refunding obligation may be:
(1)  exchanged for like par amounts of the outstanding obligation;  or
(2)  sold, with the proceeds being used to retire the outstanding obligation.
(c)  The refunding obligation must be:
(1)  secured in all respects to the same extent as other obligations issued under this chapter;  and
(2)  paid from the same revenue from which the refunded obligation was to be paid.
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.