(a) The board may, without an election, 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 the outstanding indebtedness; or(2) exchanged wholly or partly for not less than a similar principal amount of outstanding indebtedness.(c) A refunding bond must mature not later than the 40th anniversary of the date of issuance. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Texas Legal Code