§ 20008 Bond Refunding Authority

Education Code·California

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Key Takeaways

•The government can replace old bonds with new ones to get better terms, like a lower interest rate.
•If voters approved the original bonds, they don’t need to vote again for the new ones.
•The new bonds follow the same rules as the old ones.

Example

Imagine you took out a loan to buy a house, but later found a bank offering a lower interest rate. You refinance your loan to save money.

The government can do the same thing with bonds. If they find a better deal, they can issue new bonds to pay off the old ones, just like refinancing a loan.

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

Official Source

View on CA.gov

§ 20008 Bond Refunding Authority

Any bonds issued and sold pursuant to this chapter may be refunded by the issuance of refunding bonds in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 2 of Title 2 of the Government Code. Approval of the electors of the state for the issuance of bonds under this chapter shall include the approval of the issuance of any bonds issued to refund any bonds originally issued or any previously issued refunding bonds. (Added by Stats. 1999, Ch. 726, Sec. 1. Approved in Proposition 14 at the March 7, 2000, election.)

Last verified: January 23, 2026

Key Terms

bonds refunding bonds Article 6 Government Code electors

References

Official text at leginfo.legislature.ca.gov
California Legislature. Education Code. Section 20008.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References