Subject to any restriction in a bond instrument, a refunding bond may not be delivered unless delivered in exchange for the bond authorized to be refunded or unless sold and delivered to provide money for the payment of a matured or redeemable bond maturing or redeemable within three months. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Texas Legal Code