When the new bonds or money is delivered to the bondholders, they shall concurrently deliver to the legislative body or its representatives the original bonds which are refunded and all outstanding unpaid interest coupons, constituting the entire indebtedness of the district, which shall immediately be canceled.
Cal. Gov. Code § 59562
Acquisition and Cancellation of Bonds of Consenting Bondholders
Known as the Special Assessment and Bond Refunding Law
The act spans §§ 59100–59674 (167 sections).
Added by Stats. 1951, Ch. 331.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.