(a) The board may issue refunding bonds to refund outstanding indebtedness issued or assumed by the district.(b) Refunding bonds may be:(1) sold, with the proceeds of the refunding bonds applied to the payment of outstanding indebtedness; or(2) exchanged wholly or partly for not less than a similar principal amount of outstanding indebtedness. Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.
Texas Legal Code