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2020 California Code
Streets and Highways Code - SHC
DIVISION 11.5 - REFUNDING ACT OF 1984 FOR 1915 IMPROVEMENT ACT BONDS
CHAPTER 3 - Issuance of Refunding Bonds
Section 9613.
Universal Citation: CA St & Hwy Code § 9613 (2020)
9613.
Refunding bonds issued pursuant to this chapter may be exchanged for the bonds to be refunded on any basis the legislative body determines is for the benefit of the city if the bondholders consent to the exchange. As an alternative to exchanging the refunding bonds for the bonds to be refunded, the legislative body may sell the refunding bonds at public or private sale and at a price at or below par or with a premium. The proceeds of any sale of refunding bonds for cash shall be placed in the treasury of the local agency to the credit of a fund to be established for the purpose of refunding the bonds to be refunded, and the proceeds shall be applied only as permitted by this division.
(Amended by Stats. 1987, Ch. 1388, Sec. 26.)
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