§ 51354 Bond Refunding Authority

• •The agency can give out new bonds to replace old ones.
• •They can also use new bonds to pay off old bonds, even if the old ones aren't due yet.
• •New bonds can be used for two things: paying off old bonds and for other agency needs.

Imagine you have an old loan for your house, and you take a new loan to pay it off because the new loan has better terms.

The agency can do something similar with bonds. They can issue new bonds to pay off old ones, even if the old bonds aren't due yet, just like you can take a new loan to pay off your old one.