Texas § SD.1003.205 - REFUNDING BONDS
Full text of Texas The Texas Constitution § SD.1003.205 — REFUNDING BONDS, with citation guidance and answers to common questions.
§ SD.1003.205. REFUNDING BONDS
REFUNDING BONDS. (a) The board may, without an election, issue refunding bonds to refund outstanding bonds issued or assumed by the district. (b) Subject to Subsection (c), a refunding bond may be: (1) sold, with the proceeds of the refunding bonds applied to the payment of the bonds to be refunded; or (2) exchanged in whole or in part for not less than a like amount of bonds to be refunded and the matured but unpaid interest on those bonds. (c) The average annual interest cost on the refunding bonds, computed in accordance with recognized standard bond interest cost tables, may not exceed the average annual interest cost on the bonds to be refunded, unless the total interest cost on the refunding bonds to their maturity dates is less than the total interest cost on the bonds to be refunded. (d) Any premium required to be paid, as a condition to payment in advance of the stated maturity dates, on the bonds to be refunded must be included in computing the net interest cost to the district of the refunding bonds. Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005. SUBCHAPTER F. TAXES
Frequently Asked Questions About Texas § SD.1003.205
What does The Texas Constitution § SD.1003.205 cover?
Section SD.1003.205 ("REFUNDING BONDS") 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 § SD.1003.205?
A common citation format is "The Texas Constitution § SD.1003.205" (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 § SD.1003.205 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.