REFUNDING BONDS

(a) The district without an election may issue refunding bonds for the purpose of refunding outstanding bonds authorized by this chapter and the interest on those bonds. (b) Refunding bonds the district issues may be issued to refund bonds of more than one series of outstanding bonds. (c) The provisions of this chapter regarding the issuance of other bonds and the remedies of the holders apply to refunding bonds. (d) The comptroller shall register the refunding bonds on surrender and cancellation of the bonds to be refunded. (e) Instead of issuing bonds to be registered on the surrender and cancellation of the bonds to be refunded, the district, in the resolution authorizing the issuance of the refunding bonds, may provide for the sale of the refunding bonds and the deposit of the proceeds in a bank at which the bonds to be refunded are payable. In that case, the refunding bonds may be issued in an amount sufficient to pay the principal of and interest on the bonds to be refunded to their option date or maturity date, and the comptroller shall register the refunding bonds without the concurrent surrender and cancellation of the bonds to be refunded.