Sec. 1207.022. LIMITATION. An issuer may issue refunding bonds to make a deposit under this subchapter or Subchapter C only in connection with refunding bonds issued to refund obligations that are: (1) scheduled to mature not later than the 20th anniversary of the date of the refunding bonds; or (2) subject to redemption before maturity not later than the 20th anniversary of the date of the refunding bonds.
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