The proceeds of the sale of refunding bonds shall be applied only to the purchase, or retirement at not more than par and accrued interest, or the call price, of the bonded indebtedness for which the refunding bonds were issued.
Cal. Pub. Util. Code § 26285
Refunding
Known as the Transit District Law
The act spans §§ 24501 to 27509 (308 sections).
Added by Stats. 1955, Ch. 1036.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.