The total authorized amount of the bonded indebtedness of a district or an improvement area therein, as approved by the qualified voter thereof, shall not be reduced by the principal amount of any refunding bonds issued to refund any or all outstanding bonds of the district or improvement area. This section does not constitute a change in, but is declaratory of, the existing law.
Cal. Gov. Code § 53362.7
Bonds
Known as the Mello-Roos Community Facilities Act
The act spans §§ 53311 to 53368.3 (152 sections).
Added by Stats. 1987, Ch. 1440, Sec. 14.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.