Sec. 1117.255. REFUNDING BONDS. (a) The district may, without an election, issue refunding bonds to refund any bond or other refundable 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 the outstanding bonds or other refundable indebtedness; or (2) exchanged wholly or partly for not less than a similar principal amount of the outstanding bonds or other refundable indebtedness.
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