After money has been deposited with the bank where the outstanding district bonds are payable, the district or the municipality may pay off any outstanding district bonds if the money and investments that would remain to the credit of the interest and sinking fund are sufficient to provide for the payment of:

1. (1) all of the remaining outstanding bonds of the district;

2. (2) the interest on the remaining outstanding bonds of the district to:

   1. (A) the maturity dates of the bonds; or
   2. (B) the date set by the district for redemption of its bonds; and
3. (3) any required redemption premium.

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