Texas Special District Local Laws Code 1010.208 – Refunding or Funding and Retiring Certain Older Bonds
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(a) This section applies only to bonds approved in an election held before May 31, 1991.
(b) Except as provided by Subsection (c) and notwithstanding any legal defect in the incurrence, issuance, or assumption of the obligation or indebtedness, the board may issue and sell bonds in the name and on the faith and credit of the district to refund or fund and retire any outstanding obligation or other indebtedness the district has incurred, issued, or assumed.
Terms Used In Texas Special District Local Laws Code 1010.208
- 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 board may not use the power granted by this section to convert Farmers Home Administration bonds to tax bonds.