Sec. 1039.205. REFUNDING BONDS. (a) The board may, without an election, issue refunding bonds payable from taxes or revenue to refund outstanding indebtedness issued, incurred, 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 indebtedness to be refunded; or (2) exchanged wholly or partly for not less than the principal amount of outstanding indebtedness.
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