83rd Texas Legislature, Regular Session, Senate Bill 628, Chapter 552 Page: 16 of 19
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S.B. No. 628
1 bonds to refund all or any part of the district's outstanding bonds,
2 including matured and unpaid interest coupons.
3 (b) Refunding bonds shall mature serially or otherwise, as
4 determined by the board, not more than 25 years after the bonds'
5 date of issuance. Bonds shall bear interest at any rate permitted
6 by state law.
7 (c) Refunding bonds may be payable from the same source as
8 the bonds being refunded or from other sources.
9 (d) Refunding bonds must be approved by the attorney general
10 in the same manner as the district's other bonds. The comptroller
11 shall register the refunding bonds on the surrender and
12 cancellation of the bonds being refunded.
13 (e) A resolution authorizing the issuance of refunding
14 bonds may provide that the bonds be sold and the proceeds deposited
15 in a place at which the bonds being refunded are payable, in which
16 case the refunding bonds may be issued before the cancellation of
17 the bonds being refunded. If refunding bonds are issued before
18 cancellation of the other bonds, an amount sufficient to pay the19 principal of the bonds being refunded and interest on those bonds
20 accruing to the bonds' maturity dates or option dates, if the bonds
21 have been duly called for payment before maturity according to the
22 bonds' terms, must be deposited in the place at which the bonds
23 being refunded are payable. The comptroller shall register the
24 refunding bonds without the surrender and cancellation of the bonds
25 being refunded.
26 (f) A refunding may be accomplished in one or more
27 installment deliveries. Refunding bonds and the bonds' interest16
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Texas. Legislature. Senate. 83rd Texas Legislature, Regular Session, Senate Bill 628, Chapter 552, legislative document, June 14, 2013; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth437965/m1/16/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.