Sec. 1001.360. REFUNDING BONDS. (a) The board may, without an election, issue refunding bonds to refund outstanding general obligation bonds issued or assumed by the district. (b) Refunding bonds may be: (1) sold, with the proceeds of the refunding bonds applied to the payment of the bonds to be refunded; or (2) exchanged in whole or in part for not less than a like amount of bonds to be refunded and the matured but unpaid interest on those bonds. (c) The refunding bonds must mature not later than 40 years after the date of issuance.
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