Section 1008.257 - Refunding Bonds(a) The board may, without an election, issue refunding bonds to refund outstanding bonds issued or assumed by the district.(b) A refunding bond may be: (1) sold, with the proceeds of the refunding bonds applied to the payment of the bonds to be refunded; or(2) exchanged in whole or in part for not less than a similar principal amount of outstanding indebtedness.(c) If a refunding bond is sold, the bond must be issued and the payments must be made in the manner provided by Chapter 1207, Government Code.Tex. Spec. Dist. Loc. Laws § 1008.257
Added by Acts 2005, 79th Leg., Ch. 729, Sec. 1.01, eff. 4/1/2007.