Tex. Water Code Section 51.438
Refunding Bonds

(a)

A district may issue bonds to refund all or any part of its outstanding bonds, notes, or other obligations including matured but unpaid interest coupons.

(b)

Refunding bonds shall mature serially or otherwise not more than 40 years from their date and shall bear interest at any rate or rates permitted by the constitution and laws of this state.

(c)

Refunding bonds may be made payable from the same source as the bonds, notes, or other obligations being refunded or from other additional sources.

(d)

The refunding bonds must be approved by the attorney general in the manner provided by law for other bonds of the district and shall be registered by the comptroller on the surrender and cancellation of the bonds being refunded.

(e)

The orders or resolutions authorizing the issuance of the refunding bonds may provide that the refunding bonds will be sold and the proceeds deposited in the place or places at which the bonds being refunded are payable, in which case the refunding bonds may be issued before the cancellation of the bonds being refunded. If refunding bonds are issued before cancellation of the other bonds, an amount which, when added to the earnings and profits from the investment of such amount, is sufficient to pay the interest on and principal of the bonds being refunded to their maturity dates, or to their option dates if the bonds have been duly called for payment prior to maturity according to their terms, shall be deposited in the place or places at which the bonds being refunded are payable.

(f)

The comptroller shall register refunding bonds without the surrender and cancellation of bonds being refunded.

(g)

A refunding may be accomplished in one or in several installment deliveries.

(h)

Refunding bonds are investment securities under Chapter 8 (Security Instruments), Business & Commerce Code.

(i)

In lieu of the method provided by this section, a district may refund bonds, notes, or other obligations as provided by the general law of the state.
Acts 1971, 62nd Leg., p. 344, ch. 58, Sec. 1, eff. Aug. 30, 1971. Amended by Acts 1985, 69th Leg., ch. 215, Sec. 1, eff. Sept. 1, 1985.

Source: Section 51.438 — Refunding Bonds, https://statutes.­capitol.­texas.­gov/Docs/WA/htm/WA.­51.­htm#51.­438 (accessed Jun. 5, 2024).

51.001
Definitions 51.011
Creation of District 51.012
Composition of District 51.013
Petition 51.014
Contents of Petition 51.015
Place of Filing 51.016
Commissioners Court or Commission to Consider Creation of District 51.017
Single-county District: Hearing 51.018
Single-county District: Notice of Hearing 51.019
Single-county District: Name 51.020
Single-county District: Testimony at Hearing 51.021
Single-county District: Granting or Refusing Petition 51.022
Single-county District: Appeal from Order of Commissioners Court 51.023
Single-county District: Record on Appeal 51.024
Single-county District: Hearing in District Court 51.025
Single-county District: Judgment of District Court 51.026
Single-county District: Appointment of Directors 51.027
Multi-county District: Hearing by Commission 51.028
Multi-county District: Notice of Hearing 51.031
Multi-county District: Appeal from Commission Decision 51.032
Multi-county District: Appointment of Directors by Commission 51.035
Inclusion of City, Town, or Municipal Corporation in District 51.036
Confirmation Election in District Including Land in More than One County 51.037
Exclusion of Parts of District 51.038
Municipal Districts 51.039
Bonds of Municipal Districts 51.040
Conversion of Certain Districts into Districts Operating Under This Chapter 51.041
Conversion of District 51.042
Conversion of District 51.043
Effect of Conversion 51.044
Reservation of Certain Powers for Converted Districts 51.045
Conversion of a District Operating Under This Chapter to a Fresh Water Supply District 51.046
Organization of District to Conduct Preliminary Surveys 51.047
Creation of Master District 51.048
Purposes of Master District 51.049
Master District 51.050
Master District 51.051
Master District Governed by Chapter 51.052
City, Town, or Municipal Corporation Created as a District 51.071
Board of Directors 51.072
Qualifications for Director 51.075
Application to Get on Ballot 51.076
Selection of Directors in Certain Districts 51.085
District Tax Assessor and Collector 51.090
Bonds of Officers of a District Acting as Fiscal Agent or Collecting Money for United States 51.091
Projects of Certain Districts 51.121
Purposes of District 51.122
Adopting Rules and Regulations 51.125
Construction of Improvements 51.127
Adopting Rules and Regulations 51.128
Effect of Rules and Regulations 51.129
Publication of Rules and Regulations 51.130
Effective Date of Rules and Regulations 51.133
Constructing Bridges and Culverts Across and over County and Public Roads 51.134
Constructing Culverts and Bridges Across and Under Railroad Tracks, Roadways, and Interurban or Street Railways 51.135
Contracting for Toll Bridges and Ferry Service 51.149
Contracts 51.150
Contracts with Other Districts or Water Supply Corporations 51.156
Contract with the United States 51.157
Construction Charges Under a Contract with the United States 51.158
Election to Approve a Contract with the United States 51.159
Conveying Property to the United States 51.160
Engineering Data Unnecessary 51.161
Consent of United States to Alter District’s Boundaries 51.162
Taxes Levied by District Under Contract with the United States 51.163
Assessments for Contracts with the United States 51.164
Duration of Annual Levies for Contracts with the United States 51.165
Superiority of Lien to Secure Contract with the United States 51.166
District’s Authority to Solicit Cooperation, Donations and Contributions from Other Agencies 51.167
Expense of Procuring Cooperation and Contributions from Other Agencies 51.168
Authority of Contributor 51.169
Issuance of Bonds by Contributor 51.170
Annual Tax by Contributor 51.171
Contributions from Unappropriated or Available Funds of Contributor 51.172
Liability on Contracts of Acquired Irrigation System 51.173
Authority to Lease Irrigation System Serving the District 51.174
Covenants and Agreements Included in Lease 51.175
Revenue for Payment of Lease Rental 51.176
Receiver for Leased Irrigation System 51.177
Joint Lease by Two or More Districts 51.178
Authority to Acquire Irrigation System Subject to Mortgage 51.179
Revenue for Payment of Mortgage 51.180
Election to Approve Revenue for Payment of Mortgage 51.181
Joint Acquisition of Mortgaged System by Two or More Districts 51.182
Authority to Lease Facilities to Water Customers 51.184
Preference in Use of Water 51.185
Suit to Protect Water Rights 51.186
Transfer of Water Right 51.187
Selling Waterpower Privileges 51.188
Selling Surplus Water 51.189
Pumping Water to Another District 51.190
Obtaining Topographic Maps and Data 51.194
Sale of Property Not Acquired to Carry out the Plans of the District 51.195
Prohibited Charges and Fees 51.196
Development of Underground Water by Certain Districts 51.221
Eligibility to Vote: Maverick County Water Control and Improvement District No 51.241
Penalty for Violation of Regulation 51.301
Statement Estimating Water Requirements and Payment of Charge 51.302
Contracts with Person Using Irrigation Water 51.303
Authority to Determine Rules and Regulations 51.304
Board’s Estimate of Maintenance and Operating Expenses 51.305
Distribution of Assessment 51.306
Notice of Assessments 51.307
Payment of Assessments 51.308
Collection of Assessments by Tax Assessor and Collector 51.309
Lien Against Crops 51.310
List of Delinquent Assessments 51.311
Water Service Discontinued 51.312
Suits for Delinquent Assessments 51.313
Interest and Collection Fees 51.314
Rights of the United States 51.315
Surplus Assessments 51.316
Insufficient Assessments 51.317
Determining Maintenance and Operation Charges 51.318
Charges for Maintenance Expenses 51.319
Charge to Cities and Towns 51.320
Loans for Maintenance and Operating Expenses 51.321
Water Service: Refused 51.331
Authority to Dispose of Waste and Control Storm Water 51.332
Increasing District’s Powers 51.333
Approval of Petition Creating District 51.334
Election Provisions 51.335
Other Governmental Agencies Included 51.336
Additional Land 51.337
Powers of District 51.338
Rules, Regulations, and Charges 51.339
Taxes 51.340
Certain Damages Caused by Sewage Backup 51.351
Construction Fund 51.352
Maintenance Fund 51.353
Amortization and Emergency Fund 51.403
Amount of Debt Limited by Constitution 51.404
Issuance of Preliminary Bonds 51.405
Election on Preliminary Bonds 51.406
Conditions of Preliminary Bonds 51.407
Tax to Pay Preliminary Bonds 51.408
Issuance of Bonds 51.410
Engineer’s Report 51.411
Election Order 51.413
Ballots 51.414
Vote at Election 51.415
Order to Issue Bonds or Execute Contract 51.419
Conditions of Bonds 51.420
Form of Bonds 51.423
Validation Suit 51.424
Effect of Prior Registration 51.425
Procedure in Validation Suit 51.426
Notice of Validation Suit 51.427
Duties of Attorney General in Validation Suit 51.428
Judgment in Validation Suit 51.429
Effect of Validation Suit 51.430
Certified Copy of Decree 51.431
Registration of Bonds and Decree 51.432
Sale of Bonds 51.433
Tax Levy 51.436
Interest and Sinking Fund 51.437
Investment of Sinking Fund 51.438
Refunding Bonds 51.439
Limitation of Authority to Incur Debt and Issue Bonds 51.440
Issuing Bonds in Excess of Limitation 51.441
Modifications of Improvements 51.442
Issuance of Additional Bonds or Creation of Additional Indebtedness Under Certain Conditions 51.443
Interim Bonds 51.444
Limitations on Interim Bonds 51.445
Issuance of Bonds and Levy of Tax 51.446
Deposit of Bonds to Secure Interim Bonds 51.447
Procedure for Issuance and Sale of Interim Bonds 51.448
Payment of Interim Bonds 51.449
Redemption of Interim Bonds 51.450
Alternate Methods for Paying Bonds 51.451
Taxes to Secure Certain Bonds 51.452
Election 51.453
Hearing and Election on Certain Bonds 51.454
Hearing Before Issuing Certain Bonds 51.455
Issuance of Revenue Bonds to Construct Extensions and Improvements to Certain Systems 51.501
Tax to Pay Preliminary Bonds 51.502
Hearing to Determine Basis of Taxation 51.503
Notice of Hearing 51.504
Conduct of Hearing 51.505
Order 51.506
Change Tax Plan 51.508
Unlimited Authority to Collect Service Charges and Taxes 51.509
Lien Created 51.511
Authority to Adopt Alternative Plans of Taxation 51.512
Alternative Plans of Taxation 51.513
Adoption of Plan of Taxation 51.514
Notice of Adoption of Plan and Hearing 51.515
Order Adopting Tax Plan 51.516
Obtaining Funds to Construct, Administer, Maintain, and Operate Improvements and Facilities in Defined Part of District 51.517
Adoption of Tax Plan for Only Part of District 51.518
Defining Area and Designating Property to Be Benefited by Improvements 51.519
Notice and Hearing 51.520
Board’s Order 51.521
Procedure for Election 51.522
Election Not Required in Separate Election Precinct 51.523
Ballots 51.524
Declaring Result and Issuing Order 51.525
Pledge of Faith and Credit 51.526
Election in Separate Election Precinct 51.527
Issuance of Bonds and Levy of Tax for Defined Area or Designated Property 51.528
Contract to Provide Improvements, Facilities, and Services to Designated Property or Area 51.529
Authority of District 51.530
Administrative Authority of Board 51.531
Master District 51.532
Taxes in Districts Consisting of a City, Town or Municipal Corporation 51.533
Order Fixing Rate of Taxation 51.534
Addition of Land to Defined Area 51.535
Provisions of Chapter Inapplicable to District 51.536
Compensation of City Assessor and Collector 51.537
Municipality’s Authority Regarding Defined Area 51.538
Election Required 51.561
Assessment and Collection of District Taxes 51.591
Attorney to File Suits to Collect Delinquent Taxes 51.631
Method of Taxation for District Under Contract with United States 51.632
Assessment Record 51.633
Notice of Taxes 51.634
Decision After Hearing 51.635
Method of Taxation for District Not Under Contract with the United States 51.636
Commissioners of Appraisement 51.637
Compensation of Commissioners 51.638
Notice of Appointment and Meeting 51.639
First Meeting of Commissioners 51.640
Assistance for Commissioners 51.641
Viewing Land and Other Property and Improvements in District 51.642
Commissioners Report 51.643
Notice of Hearing 51.644
Hearing 51.645
Witnesses at the Hearing 51.646
Costs of Hearing 51.647
Commissioners’ Decree 51.648
Effect of Final Judgment and Decree 51.649
Fixing Tax as Equal Sum on Each Acre 51.650
Election 51.651
Excluding Nonirrigable Land from District 51.652
Setting Annual Value of Land Unnecessary 51.653
Preparing Tax Rolls 51.655
Law Governing Administration of Benefit Tax Plan 51.656
Irrigating Nonirrigable Land 51.657
Taxation in District Constructing Levees or Drainage Systems 51.702
Exclusion of Nonagricultural and Nonirrigable Land from the District 51.703
Prerequisite to Application for Exclusion 51.704
Substituting Land of Equal Acreage and Value 51.705
Securing Application to Substitute Land 51.706
Application of Owner of New Land to Be Substituted 51.707
Consent of Outstanding Bondholders 51.708
Notice of Hearing on Applications 51.709
Hearing Procedure 51.710
Board’s Resolution to Substitute Land 51.0711
Special Director 51.711
Liability of Excluded and Included Land 51.712
Duty to Advise Executive Director 51.713
Right to Serve New Land Included in District 51.714
Adding Land by Petition of Landowner 51.0731
Election Date for Certain Directors 51.0732
Uniform Election Date 51.732
Consolidation of Districts 51.733
Elections to Approve Consolidation 51.734
Governing Consolidated Districts 51.735
Debts of Original Districts 51.736
Assessment and Collection of Taxes 51.748
Division of Original District with No Outstanding Indebtedness 51.749
Election to Approve Division 51.750
Governing Resulting Districts 51.751
Current Obligations of Original District 51.752
Powers of Resulting Districts 51.753
Notice of Resulting Districts 51.754
Exclusion of Land from District Without Indebtedness 51.755
Application to Exclude Land 51.756
Findings by the Board 51.757
Excluding Land 51.758
Notice of Certain Exclusions 51.759
Exclusion of Certain Nonirrigated Land 51.760
Initiating Exclusion 51.761
Hearing, Notice, and Order of Exclusion 51.762
Consent of Debt Holders 51.763
Results of Exclusion 51.764
District Facilities on Excluded Property 51.765
Water Allocations 51.766
Suit to Review Exclusion 51.781
Dissolution of District Prior to Issuance of Bonds 51.782
Notice of Hearing 51.783
Hearing 51.784
Board’s Order to Continue or Dissolve District 51.785
Judicial Review of Board’s Order 51.786
Appointment of Trustee 51.787
Discharge of District’s Obligations by Trustee 51.788
Discharge of Trustee 51.789
Final Order of Dissolution 51.790
Water Rights of Dissolved District 51.791
Taxes in Excess of District’s Obligations 51.793
Dissolution of District for Failure to Complete Plant 51.794
Resolution to Dissolve District 51.795
Statements of Indebtedness and Expenses 51.796
Election to Approve Dissolution of District and Issuance of Dissolution Bonds 51.797
Maximum Amount, Interest Rate, and Maturity of Bonds 51.798
Notice of Election 51.799
Procedure for Holding Election 51.800
Issuance and Sale of Dissolution Bonds 51.801
Destroying Unsold Bonds 51.802
Board’s Authority to Contract 51.803
Tax to Pay Dissolution Bonds 51.804
Determining Amount of Tax 51.805
Payment of Tax 51.806
Advance Payment of Taxes in Cash 51.807
Computing Amount of Advance Cash Payment 51.808
Surrender of Bonds in Payment of Taxes 51.809
Computing Amount of Payment Made by Surrendering Bonds 51.810
Use by Trustee of Advance Payments of Tax 51.811
Approval and Registration of Dissolution Bonds 51.812
Dissolution Tax Roll 51.819
Filing Dissolution Tax Roll 51.820
Collection of Taxes 51.821
Appointment of Trustee 51.822
Authority of the Trustee 51.823
Tax Lien 51.824
Foreclosure of Lien 51.825
Default in Payment of Tax Installment 51.826
Penalty and Attorney’s Fee 51.827
Discharge of Lien 51.828
District Considered Dissolved 51.830
Petition for Dissolution of District 51.831
Signatures on Petition 51.832
Procedure for Holding Election 51.833
Election in District Including City, Town, or Municipal Corporation 51.834
Subsequent Election 51.835
District Dissolved 51.836
Taxes to Pay Indebtedness After Dissolution 51.851
Definitions 51.852
Cooperation with Authority, Corps of Engineers, and Other Owners 51.853
Cooperation with Authority and Owners 51.854
Flood Warning System 51.871
Definitions 51.872
Authority to Transfer District Between Municipalities’ Extraterritorial Jurisdiction 51.873
Applicability 51.874
Effect of Transfer 51.875
Subchapter Supersedes 51.0951
Meetings in Certain Districts 51.1751
Additional Sources for Payment of Lease 51.7131
Alternative Substitution Procedures
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Accessed:
Jun. 5, 2024

§ 51.438’s source at texas​.gov