In lieu of selling refunding bonds and using the proceeds to purchase or retire the bonds to be refunded, the board may exchange refunding bonds at not less than par and accrued interest for the bonds so refunded.
Cal. Pub. Util. Code § 13287
Refunding
Known as the Municipal Utility District Act
The act spans §§ 11501–14403 (486 sections).
Enacted by Stats. 1951, Ch. 764.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.