The treasurer shall select bonds for retirement in such a way that the ratio of outstanding bonds to issued bonds shall be approximately the same in each annual series insofar as possible. Within each annual series, bonds shall be selected for retirement by lot.
Cal. Sts. & High. Code § 8768
ALTERNATIVE PROCEDURE FOR COLLECTING ASSESSMENTS AND ADVANCE RETIREMENT OF BONDS
Known as the Improvement Bond Act
The act spans §§ 8500–8887 (148 sections).
Repealed and added by Stats. 1987, Ch. 1388, Sec. 21.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.