Sec. 362.041. REFUNDING BONDS. (a) The governing body of an issuer may issue refunding bonds to refund the principal of, interest on, and any redemption premium applicable to outstanding bonds. The refunding bonds may:
(1) refund more than one series of outstanding bonds and combine the revenue pledged to the outstanding bonds for the security of the refunding bonds; and
(2) be secured by other or additional revenues and deed of trust liens.
(b) The provisions of this chapter relating to issuance of bonds, security for bonds, approval by the attorney general, and remedies of bondholders apply to refunding bonds.
(c) The comptroller shall register refunding bonds:
(1) on the surrender and cancellation of the original bonds; or
(2) without surrender and cancellation of the original bonds if:
(A) the resolution authorizing the refunding bonds provides that their proceeds be deposited in the bank where the original bonds are payable; and
(B) the refunding bonds are issued in an amount sufficient to pay the principal of, interest on, and any redemption premium applicable to the original bonds up to their option date or maturity date.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Section: Previous 362.017 362.018 362.019 362.031 362.032 362.033 362.034 362.035 362.036 362.037 362.038 362.039 362.040 362.041 362.042 NextLast modified: September 28, 2016