Sec. 1114.206. REFUNDING BONDS. (a) District refunding bonds may be issued to refund outstanding bonded indebtedness of the district. (b) A refunding bond may be: (1) sold, with the proceeds of the refunding bond applied to the payment of outstanding bonded indebtedness; or (2) exchanged wholly or partly for not less than a similar principal amount of outstanding indebtedness.
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