Section 1507.051 - Authority to Issue Refunding Bonds(a) The governing body of a municipality by ordinance may issue refunding bonds in accordance with Subchapters A and D, Chapter 1207, to refund outstanding refunding bonds if:(1) the bonds to be refunded were issued under a plan for the adjustment of the municipality's debts confirmed by a bankruptcy court under Title 11, United States Code; and(2) the bonds do not mature in annual installments.(b) The governing body of a municipality that issues bonds under this subchapter to refund revenue bonds may secure the bonds issued under this subchapter by a deed of trust on the municipality's utility system or by a pledge of the net revenue of the system if the bonds being refunded provide for that pledge.Tex. Gov't. Code § 1507.051
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. 9/1/1999.