Tex. Water Code Section 57.213
Refunding Bonds

(a)

With the consent of the bondholders, a district may refund outstanding bonds by issuing new coupon bonds in their place.

(b)

Interest is shown by coupons attached to the bonds, and the commissioners court of jurisdiction shall determine whether the board will pay the interest on the bonds annually or semiannually.

(c)

The board may pay the refunding bonds serially or in any other manner they choose, but, except as provided in Subsection (d) of this section, they shall pay the bonds not later than 40 years from the date the bonds are issued.

(d)

A district that taxes on the benefit basis and that is located in a county with a population of over 1.3 million may refund outstanding bonds or matured interest coupons on bonds issued by the district with new coupon bonds payable not more than 75 years from their date.

(e)

The district shall issue the bonds in denominations of $100 or a multiple of $100 and, before the bonds are delivered, shall levy a tax sufficient to pay the principal of and interest on the refunding bonds. The refunding of bonds does not affect any taxes already due.

(f)

The board shall issue refunding bonds in the manner provided for other district bonds.

(g)

The board shall deduct any money on hand in the sinking fund account to ascertain the amount of refunding bonds to be issued and shall apply the money to the payment of the outstanding bonds.

(h)

The board may not issue refunding bonds until they are approved by the attorney general and registered by the comptroller, and the comptroller shall not register the refunding bonds until the old bonds being replaced are presented to him for cancellation. After the comptroller registers the new bonds, he shall cancel the old bonds and interest coupons and deliver the new bonds to the proper bondholders. The old bonds may be presented for cancellation in installments, and the comptroller may register and deliver a like amount of the new bonds.
Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff. Aug. 30, 1971. Amended by Acts 1981, 67th Leg., p. 598, ch. 237, Sec. 140, eff. Sept. 1, 1981; Acts 2001, 77th Leg., ch. 669, Sec. 148, eff. Sept. 1, 2001.

Source: Section 57.213 — Refunding Bonds, https://statutes.­capitol.­texas.­gov/Docs/WA/htm/WA.­57.­htm#57.­213 (accessed Jun. 5, 2024).

57.001
Definitions 57.011
Creation 57.012
Petition 57.013
Deposit 57.014
Hearing on Petition 57.015
Notice of Hearing 57.016
Investigation by Executive Director 57.017
Hearing Procedure 57.018
Conduct of Hearing 57.019
Findings and Judgment 57.020
Appeal of Dismissal of Petition 57.021
Notice of Appeal 57.022
Appeal Bond 57.023
Time for Appeal 57.024
Transfer of Records and Orders 57.025
Trial of Appeal and Judgment 57.026
Authorizing Districts to Operate Under This Chapter 57.051
Appointment of Board of Directors 57.053
Vacancy and Removal 57.057
Election of Board of Directors 57.058
Number of Elected Directors 57.059
Qualifications for Directors 57.060
Petition 57.061
Procedure for Election 57.091
Purposes of District 57.092
General Powers of District 57.093
Adopting Rules and Regulations 57.100
Construction of Levees 57.101
Construction of Levees by Railroad Companies and Other Authorities 57.103
Injuring Levees 57.104
Construction of Improvements 57.108
Conditions of Contract 57.111
Conditioning Contract on Sale of Bonds 57.116
Engineer’s Construction Report 57.117
Inspection and Report by Executive Director 57.118
Compliance with Contract 57.121
Interpretation of District Powers 57.151
Authority of Engineer 57.154
Survey and Report 57.155
Contents of Report 57.177
Financing the District Without Bonds 57.178
Disbursement of District Money 57.201
Power to Issue Bonds 57.207
Declaring Result of Election 57.208
Issuance of Bonds 57.212
Bond Record 57.213
Refunding Bonds 57.214
Issuance of Refunding Bonds Without an Election 57.215
Investment of Sinking Fund 57.216
Providing for Additional Funds 57.217
Eligibility of District Bonds for Investments and Public Funds 57.251
Levy of Taxes on the Ad Valorem Basis 57.258
Assessment and Collection of Taxes for Districts with Land in More than One County 57.259
Assessment of Damages 57.260
Levy of Taxes on Benefit Basis 57.261
Appointment of Commissioners of Appraisement 57.262
Qualifications for Commissioners of Appraisement 57.263
Compensation of Commissioners of Appraisement 57.264
Organization of Commissioners of Appraisement 57.265
Duties of Commissioners of Appraisement 57.266
Report of Commissioners of Appraisement 57.267
Notice of Hearing 57.268
Rights of Parties 57.269
Hearing 57.270
Appeal of Decree of the Commissioners of Appraisement 57.271
Basis of Taxation 57.272
Tax Assessor for Districts Levying Taxes on Benefit Basis 57.273
Readjusting Assessments 57.274
Hearing on Petition for Reassessment 57.275
Tax Collection on Reassessment 57.279
Collection of Delinquent Taxes 57.321
Dissolution of a District 57.322
Requirements for Dissolving a District by Petition 57.323
Return of Taxes on Dissolution 57.324
Dissolving a District by Election 57.325
Petition 57.326
Election Order 57.327
Election Procedure, Time, and Place for Holding Election 57.328
Ballot 57.329
Vote Necessary to Carry Proposition 57.330
Commissioners Court Order Dissolving District 57.331
Dissolution Trustees 57.332
Trustees’ Bond 57.333
Trustees’ Compensation 57.334
Appointment of Trustee to Fill Vacancy 57.335
General Duties of Trustees 57.336
Trustees’ Expense 57.337
Claims that Were Approved Before District Was Dissolved 57.338
Protesting Payment of Claims Approved Before District Was Dissolved 57.339
Claims Not Approved Before District Was Dissolved 57.340
Claims, Payment Orders, and Appeals 57.341
Claims Judgments 57.342
Claims to Be Paid 57.343
Disposition of Debts After Election 57.344
Accelerated Retirement of Bonds 57.346
Final Trustee Report 57.2131
Alternative Methods of Issuing Refunding Bonds 57.3295
Dissolution of District by Commissioners Court Without Petition
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Accessed:
Jun. 5, 2024

§ 57.213’s source at texas​.gov