Texas § TN.454.030 - REFUNDING BONDS OR NOTES
Full text of Texas The Texas Constitution § TN.454.030 — REFUNDING BONDS OR NOTES, with citation guidance and answers to common questions.
§ TN.454.030. REFUNDING BONDS OR NOTES
REFUNDING BONDS OR NOTES. (a) A municipality may issue refunding bonds or notes to refund one or more series or issues of bonds or notes. (b) Refunding bonds or notes have the same priority of lien on the revenue pledged to their payment that the bonds or notes being refunded have, except that if all the outstanding bonds or notes of two or more series or issues of bonds or notes are refunded in a single issue of refunding bonds or notes, the lien of all refunding bonds or notes is equal. A refunding bond or note may not have a priority of lien greater than the highest priority of lien of the bonds or notes being refunded. (c) Refunding bonds or notes must bear interest at the same or lower rate than that borne by the bonds or notes being refunded unless it is shown mathematically that: (1) a saving will result in the total amount of interest to be paid; and (2) the annual principal and interest burden will not be increased so as to impair the rights of the holders of any bonds or notes, if any, having a prior or inferior lien. (d) Bonds or notes may be refunded by issuing refunding bonds or notes to be: (1) exchanged for the bonds or notes being refunded or cancelled; or (2) sold, with the proceeds of the sale being used to redeem and cancel the bonds or notes being refunded. (e) A municipality may provide in a refunding bond or note issue money necessary for paying: (1) any call premium; and (2) interest to the date set for calling for redemption the outstanding bonds or notes. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Frequently Asked Questions About Texas § TN.454.030
What does The Texas Constitution § TN.454.030 cover?
Section TN.454.030 ("REFUNDING BONDS OR NOTES") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § TN.454.030?
A common citation format is "The Texas Constitution § TN.454.030" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § TN.454.030 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.