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