Texas Education Code

§ 45.004 — REFUNDING BONDS

ED § 45.004Title 2. PUBLIC EDUCATION · Part I. SCHOOL FINANCE AND FISCAL MANAGEMENT · Ch. 45. SCHOOL DISTRICT FUNDS · Art. A. TAX BONDS AND MAINTENANCE TAXES

Statute text

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(a)In this section:

(1)"Bond" includes a note or other evidence of indebtedness.

(2)"Total debt service" means the amount of principal and unpaid interest on a bond to final maturity.

(b)Each governing board or commissioners court described by Section 45.001 may refund or refinance all or any part of any of the district's outstanding bonds and matured or unmatured but unpaid interest on those bonds payable from ad valorem taxes by issuing refunding bonds payable from ad valorem taxes.

(c)A series or issue of refunding bonds may not be issued unless:

(1)the total debt service on the refunding bonds will amount to less than the total debt service on the bonds being refunded;

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Legislative history

Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.208, eff. Sept. 1, 2001.