Refunding Bonds

Sec. 1006.205. REFUNDING BONDS. (a) The board may issue refunding bonds to refund outstanding general obligation bonds or other refundable indebtedness issued by the district. (b) A refunding bond may be: (1) sold, with the proceeds of the refunding bond applied to the payment of the bonds or other refundable indebtedness to be refunded; or (2) exchanged in whole or in part for not less than a like principal amount of the bonds or other refundable indebtedness to be refunded. (c) If a refunding bond is sold, the bond must be issued and the payments must be made in the manner provided by Subchapters B and C, Chapter 1207, Government Code. Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.