§ 101140 Bond Refunding Authorization
This law says that bonds sold under this chapter can be paid off early (refunded) using the rules in the State General Obligation Bond Law, and that voters who approved the original bonds also approved any new bonds used to pay them off.
A city sells bonds to build a new park. A few years later, the city wants to replace those bonds with new ones that have a lower interest rate.
Because voters already said yes to the original park bonds, they also said yes to any new bonds that will be used to pay off the old ones. The city can then use the new bonds to refund the old ones, and if the law allows, it can also remove the old bonds from the books (defease) as described in the original resolution.
AI-generated — May contain errors. Not legal advice. Always verify source.
§ 101140 Bond Refunding Authorization
Last verified: January 10, 2026