(a) The board may, without an election, issue refunding bonds to refund outstanding indebtedness 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 indebtedness; or(2) exchanged wholly or partly for not less than a similar principal amount of outstanding indebtedness. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Texas Legal Code