§ 101059 Bond Refunding Authorization

Education Code·California

AI SummaryVerified

This law says that when the state sells bonds, it can later replace (refinance) those bonds using the same voter approval that originally allowed them, and that approval also covers any future replacement bonds.

Key Takeaways

•Bonds can be refunded (replaced) under the State General Obligation Bond Law.
•Voter approval for the original bonds also covers any future refunding bonds.
•No separate voter vote is needed each time the state wants to refinance those bonds.

Example

The state issued bonds to build a new highway. A few years later interest rates drop, so the state wants to issue new bonds to pay off the old ones and save money.

Because voters already approved the original highway bonds, that same approval lets the state issue the new bonds to replace the old ones without needing another vote.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 101059 Bond Refunding Authorization

The bonds may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 4 of Title 2 of the Government Code, which is a part of the State General Obligation Bond Law. Approval by the voters of the state for the issuance of the bonds described in this chapter includes the approval of the issuance of any bonds issued to refund any bonds originally issued under this chapter or any previously issued refunding bonds. (Added by Stats. 2006, Ch. 35, Sec. 16. Approved in Proposition 1D at the November 7, 2006, election.)

Last verified: January 10, 2026

Key Terms

bonds State General Obligation Bond Law Article 6 refunding bonds

References

Official text at leginfo.legislature.ca.gov
California Legislature. Education Code. Section 101059.

§ 101059 Bond Refunding Authorization

Education Code·California

AI SummaryVerified

§ 101059 Bond Refunding Authorization

Key Takeaways

•Bonds can be refunded (replaced) under the State General Obligation Bond Law.
•Voter approval for the original bonds also covers any future refunding bonds.
•No separate voter vote is needed each time the state wants to refinance those bonds.

Example

The state issued bonds to build a new highway. A few years later interest rates drop, so the state wants to issue new bonds to pay off the old ones and save money.

Because voters already approved the original highway bonds, that same approval lets the state issue the new bonds to replace the old ones without needing another vote.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 101059 Bond Refunding Authorization

Last verified: January 10, 2026

Key Terms

bonds State General Obligation Bond Law Article 6 refunding bonds

References

Official text at leginfo.legislature.ca.gov
California Legislature. Education Code. Section 101059.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References