longer constitute"outstandingguaranteedbonds" within the meaning of section20.903of the EducationCode limitingthe amount of bonds which may be guarantcled by the permanentschool fund.
SUMMARY
School districtad valorem bonds incorporating the provisionsof statutesrespectingrefundingof the bonds may be refundedpursuanttheretowithout impairing the obligationof the bonds, assuming the investingpublic has not been misled. When such refundinghas been accomplished,the refunded bonds no longer constitute"outstandingguaranteed bonds" within thatmeaning of the statute limiting the amount of bonds which may be guaranteedby the permanentschool fund.
Very ruly yours
Lt /+lztQ JIM A MATTOX AttorneyGeneralof Texas
JACKHIGRTOWER First AssistantAttorney Gtmaral
MARYKRLLRR ExecutiveAssistantAttorncby General
ROBERT GRAY SpecialAssistantAttorneyGeneral
RICK GILPIN Chairman,OpinionCommittee:
Preparedby Bruce Youngbloc,d AssistantAttorneyGaneral
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