Under the terms and with the security set forth in the proceedings that authorize the issuance of the refunding bonds, a governmental entity may issue refunding bonds:

1. (1) in combination with new bonds;
2. (2) with provision for the subsequent issuance of additional parity bonds or subordinate lien bonds; or
3. (3) both in combination with new bonds and with provision for the subsequent issuance of additional bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.