Special District Local Laws Code § 9011.261

Sec. 9011.261. REFUNDING BONDS. (a) The district may issue refunding bonds without an election to refund outstanding bonds issued under this subchapter and interest on those bonds. (b) Refunding 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; or (3) be secured by a pledge of other or additional revenue. (c) The provisions of this subchapter regarding the issuance of other bonds and the remedies of the holders apply to refunding bonds. (d) The comptroller shall register the refunding bonds on surrender and cancellation of the bonds to be refunded. (e) Instead of issuing bonds to be registered on the surrender and cancellation of the bonds to be refunded, 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 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. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.12, eff. April 1, 2009.