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HomeGovernment CodeDiv. 4Pt. 3Ch. 8Art. 2§ 16953 Pension Bond Refunding Authority

§ 16953 Pension Bond Refunding Authority

Government Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 16953 Pension Bond Refunding Authority

Key Takeaways

  • •The government can issue new bonds to pay off old bonds used for pension obligations.
  • •The new bonds can cover the old bonds' principal, interest, and any extra fees.
  • •The money from new bonds can be used to pay off old bonds when they are due or to buy them back early.
  • •The committee decides the terms and conditions for this process.

Example

Imagine you have an old loan for your house that you want to pay off.

The government can take out a new loan (bond) to pay off the old loan (bond) they used for pensions. They can use the new loan money to pay off the old loan when it's due or even buy it back early if they want.

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

Official Source
View on CA.gov

§ 16953 Pension Bond Refunding Authority

The committee may provide for the issuance of bonds any portion of which is to be used for the purpose of refunding outstanding bonds issued to fund or refund pension obligations, including the payment of the principal thereof and interest and redemption premiums, if any. The proceeds of bonds issued to refund any outstanding bonds may be applied to the retirement of those outstanding bonds at maturity, or the redemption, on any redemption date, or purchase of those outstanding bonds prior to maturity, subject to the terms and conditions as the committee deems advisable. (Added by Stats. 2004, Ch. 215, Sec. 4. Effective August 11, 2004.)

Last verified: January 22, 2026

Key Terms

bondsrefundingpension obligationsredemption premiums

Related Statutes

  • § 16949 Pension Bond Proceeds Use
  • § 16941 Pension Obligation Bond Issuance
  • § 16945 Pension Bond Issuance Authority
  • § 16946 State Bond Debt Liability
  • § 16947 Pension Bond Issuance Limits

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 16953.
View Official Source