Section 1053.255 - Refunding Bonds(a) Refunding bonds may be issued without an election and in the manner provided by this subchapter to refund outstanding bonds issued or assumed by the district.(b) A refunding bond may be:(1) sold, with the proceeds of the refunding bond applied to the payment of the outstanding bonds; or(2) exchanged wholly or partly for not less than a similar amount of outstanding bonds and the matured but unpaid interest on the bonds.Tex. Spec. Dist. Loc. Laws § 1053.255
Added by Acts 2007, 80th Leg., R.S., Ch. 920, Sec. 1.02, eff. 4/1/2009.