§ 101315 Bond Refunding Authority

Public Utilities Code·California

AI SummaryVerified

This law lets a group (like a school board) decide to pay off old loans with new ones if most of them agree it’s a good idea.

Key Takeaways

•The board must vote (4 out of 5 must agree) to do this.
•They can only do it if it helps the district (like saving money).
•This is about swapping old loans for new ones, not borrowing more.

Example

A school district has an old loan for building a school, but interest rates are now lower.

If 4 out of 5 board members vote yes, they can take a new loan with better terms to pay off the old one.

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

Official Source

View on CA.gov

§ 101315 Bond Refunding Authority

Whenever the board, by resolution passed by a vote of four-fifths of all its members, determines that the refunding of the whole, or any portion of, the bonded indebtedness will be of advantage to the district, the board may refund the bonded indebtedness, or any portion thereof, and issue refunding bonds of the district therefor. (Added by Stats. 1971, Ch. 1161.)

Last verified: January 11, 2026

Key Terms

bonded indebtedness refunding bonds four-fifths vote

References

Official text at leginfo.legislature.ca.gov
California Legislature. Public Utilities Code. Section 101315.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References