Texas Education Code - Section 46.007. Refunding Bonds
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§ 46.007. REFUNDING BONDS. A school district may use
state funds received under this subchapter to pay the principal of
and interest on refunding bonds that:
(1) are issued to refund bonds eligible under Section
46.003;
(2) do not have a final maturity date later than the
final maturity date of the bonds being refunded;
(3) may not be called for redemption earlier than the
earliest call date of the bonds being refunded; and
(4) result in a present value savings, which is
determined by computing the net present value of the difference
between each scheduled payment on the original bonds and each
scheduled payment on the refunding bonds. The present value
savings shall be computed at the true interest cost of the refunding
bonds.
Added by Acts 1997, 75th Leg., ch. 592, § 1.04, eff. Sept. 1,
1997. Amended by Acts 1999, 76th Leg., ch. 396, § 1.27, eff.
Sept. 1, 1999.
Section: 45.232 46.001 46.002 46.003 46.004 46.005 46.006 46.007 46.008 46.0081 46.009 46.010 46.011 46.012 46.013
Last modified: August 10, 2007
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