(a) The governing body of a municipality by ordinance may issue revenue refunding bonds to refund bonds, including revenue refunding bonds, issued under this subchapter.
(b) Refunding bonds issued under this section must be executed and mature as provided by this subchapter for original bonds.

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Terms Used In Texas Government Code 1506.115

  • Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(c) The comptroller shall register refunding bonds on surrender and cancellation of the bonds to be refunded.
(d) The comptroller shall register refunding bonds without the surrender and cancellation of the bonds to be refunded if the ordinance authorizing the issuance of the refunding bonds requires the obligation to be sold and the proceeds from the sale to be deposited in a place where the bonds to be refunded are payable.
(e) Refunding bonds to which Subsection (d) applies may be issued in an amount sufficient to pay:
(1) the principal of the bonds to be refunded; and
(2) the interest on the bonds to be refunded to the option or maturity date of the bonds.

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