§ 101430 Bond Refunding Authorization
This law lets the state replace (refund) bonds it has sold with new bonds, and the voters who approved the original bonds also approved any replacement bonds.
The state sells bonds to build a new highway. A few years later, interest rates drop, so the state issues new bonds at the lower rate to pay off the old highway bonds.
Because voters already said yes to the original highway bonds, they also automatically said yes to the new bonds that pay off the old ones, and the old bonds can be officially retired.
AI-generated — May contain errors. Not legal advice. Always verify source.
§ 101430 Bond Refunding Authorization
Last verified: January 10, 2026