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HomePublic Utilities CodeDiv. 10Pt. 13Ch. 8Art. 4§ 101319 Refunding Bond Proceeds Use

§ 101319 Refunding Bond Proceeds Use

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

§ 101319 Refunding Bond Proceeds Use

This law says that money from selling refunding bonds can only be used to pay off old bonds, not for anything else.

Key Takeaways

  • •Money from refunding bonds can't be used for new stuff.
  • •It can only pay off old bonds.
  • •The payment can't be more than the face value plus interest or the call price.

Example

A city sells new bonds to get money.

The money from these new bonds can only be used to pay back the old bonds they were meant to replace, not for new projects like building a park.

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

Official Source
View on CA.gov

§ 101319 Refunding Bond Proceeds Use

The proceeds of the sale of refunding bonds shall be applied only to the purchase, or retirement at not more than par and accrued interest, or the call price, of the bonded indebtedness for which the refunding bonds were issued. (Added by Stats. 1971, Ch. 1161.)

Last verified: January 11, 2026

Key Terms

refunding bondsbonded indebtednesspar and accrued interestcall price

Related Statutes

  • § 13286 Refunding Bond Proceeds Use
  • § 26285 Refunding Bond Proceeds Use
  • § 101315 Bond Refunding Authority
  • § 101320 Bond Exchange For Refunding
  • § 29216 Bond Repayment Tax Levy

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Public Utilities Code. Section 101319.
View Official Source