§ 9613. — 9613. (Amended by Stats. 1987, Ch. 1388, Sec. 26.)

California § 9613.

• Jurisdiction: California
• Code SHC: Streets and Highways Code - SHC
• Div. 11.5.: DIVISION 11.5. REFUNDING ACT OF 1984 FOR 1915 IMPROVEMENT ACT BONDS
• Ch. 3.: CHAPTER 3. Issuance of Refunding Bonds

Text

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.

Legislative History

Amended by Stats. 1987, Ch. 1388, Sec. 26.