Texas Special District Local Laws Code 1006.205 – Refunding Bonds
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(a) The board may issue refunding bonds to refund outstanding general obligation 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 bonds or other refundable indebtedness to be refunded; or
(2) exchanged in whole or in part for not less than a like principal amount of the bonds or other refundable indebtedness to be refunded.
Terms Used In Texas Special District Local Laws Code 1006.205
- 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) If a refunding bond is sold, the bond must be issued and the payments must be made in the manner provided by Subchapters B and C, Chapter 1207, Government Code.