The proceeds of the bonds shall be applied to the funding or refunding of pension obligations, or refunding of bonds previously issued under this chapter, together with all costs of issuing the bonds and refunding pension obligations or prior bonds and the costs of any ancillary obligation. Notwithstanding Sections 20822 and 20824, or any other provision of law, the proceeds of the bonds may be applied to the prepayment of pension obligations.
Cal. Gov. Code § 16949
Issuance of Bonds to Finance the Program
Known as the California Pension Restructuring Bond Act
The act spans §§ 16940 to 16960 (20 sections).
Added by Stats. 2004, Ch. 215, Sec. 4
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.