The legislative body may, by majority vote, provide for refunding of bonds issued pursuant to this chapter. However, refunding bonds shall not be issued if the total net interest cost to maturity on the refunding bonds plus the principal amount of the refunding bonds exceeds the total net interest cost to maturity on the bonds to be refunded. The legislative body may not extend the time to maturity of the bonds.
Cal. Gov. Code § 53390
Senior Obligation Bonds
Known as the Community Rehabilitation District Law
The act spans §§ 53370–53394 (42 sections).
Added by Stats. 1985, Ch. 906, Sec. 1.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.