Sec. 221.065. REFUNDING BONDS. (a) A development corporation may issue bonds to refund any of its valid outstanding bonds, including any bonds issued for unspecified projects and including any redemption premium on the bonds and interest accrued to the date of redemption, on a finding by the board of directors of the development corporation that there is a public benefit and a public purpose for the refunding.
(b) The provisions of this chapter generally applicable to bonds apply to the issuance, maturity, terms, and holder's rights in the refunding bonds, and to the development corporation's rights, duties, and obligations in relation to the refunding bonds.
(c) The development corporation may issue the refunding bonds in exchange or substitution for outstanding bonds or may sell the refunding bonds and use the proceeds to pay or redeem outstanding bonds.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 1993, 73rd Leg., ch. 829, Sec. 2, eff. June 19, 1993.
Structure Texas Statutes
Subtitle A - Financing, Constructing, Regulating, and Inspecting Health Facilities
Chapter 221 - Health Facilities Development Act
Section 221.061. Authority to Issue; Use of Proceeds
Section 221.062. Information Filed With Sponsoring Entity
Section 221.065. Refunding Bonds
Section 221.066. Source of Payment; Bonds Not General Obligation