The legislative body shall have power under this chapter to refund bonds which constitute an indebtedness of a local agency or any improvement district or zone thereof payable, both principal and interest, from the proceeds of ad valorem taxes or ad valorem assessments which may be levied without limitation as to rate or amount upon property in the local agency or in the improvement district or zone thereof subject to taxation or assessment.
Cal. Gov. Code § 59280
Refunding of Ad Valorem Tax or Assessment Bonds
Known as the Special Assessment and Bond Refunding Law
The act spans §§ 59100–59674 (167 sections).
Added by Stats. 1973, Ch. 256.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.