Sec. 1074.204. REFUNDING BONDS. (a) The board may, without an election, issue refunding bonds to refund outstanding indebtedness 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 outstanding indebtedness; or (2) exchanged wholly or partly for not less than a similar principal amount of the outstanding indebtedness.
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