(a) District refunding bonds may, without an election, be issued to refund any 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 outstanding bonds or other refundable indebtedness; or(2) exchanged wholly or partly for not less than a similar principal amount of the outstanding bonds or other refundable indebtedness. Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.01, eff. April 1, 2015.
Texas Legal Code