Sec. 1041.206. 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 bond applied to the payment of the bonds to be refunded; or (2) exchanged wholly or partly for not less than a similar amount of outstanding bonds and the unpaid matured interest on the bonds.
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