Tex.
Spec. Dist. Local Laws Code Section 9078.0155
Refunding Bonds
(a)
The district may issue refunding bonds to refund outstanding district bonds and interest on those bonds.(b)
Bonds issued to refund revenue-supported bonds may:(1)
be issued to refund bonds of more than one series;(2)
combine the pledges for the outstanding bonds for the security of the refunding bonds; and(3)
be secured by other or additional revenues.(c)
The comptroller shall register the refunding bonds on surrender and cancellation of the bonds to be refunded.(d)
Instead of issuing refunding bonds to be registered on the surrender and cancellation of the bonds to be refunded as provided by Subsection (c), the district, in the resolution authorizing the issuance of the refunding bonds, may provide for the sale of the refunding bonds and the deposit of the proceeds in a bank at which the bonds to be refunded are payable. In that case, the refunding bonds may be issued in an amount sufficient to pay the principal of and interest on the bonds to be refunded to their option date or maturity date, and the comptroller shall register the refunding bonds without the surrender and cancellation of the bonds to be refunded.
Source:
Section 9078.0155 — Refunding Bonds, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.9078.htm#9078.0155 (accessed May 4, 2024).
