Sec. 1008.257. REFUNDING BONDS. (a) The board may, without an election, issue refunding bonds to refund outstanding bonds issued or assumed by the district. (b) A refunding bond 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 similar principal amount of outstanding indebtedness. (c) If a refunding bond is sold, the bond must be issued and the payments must be made in the manner provided by Chapter 1207 , Government Code.
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