In lieu of the exchange for outstanding bonds, the refunding bonds may be sold by the board for cash at not less than par and accrued interest, and the proceeds used for the purchase or retirement of the outstanding bonds upon terms agreed upon by the board and the holders of the bonds, but not to exceed par and accrued interest.
Cal. Water Code § 55589
Refunding Bonds
Known as the County Waterworks District Law
The act spans §§ 55000–55991 (184 sections).
Added by Stats. 1953, Ch. 155.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.