§ 13094 Refunding Bonds Exemption Limits

• •This law is about special bonds called 'refunding bonds'.
• •The usual limits on bonds don't apply to these refunding bonds.
• •The amount of refunding bonds can be as much as needed to pay off the old bonds, including any extra fees, but not including any interest due.

Imagine you have an old loan for your house, and you want to take a new loan to pay off the old one.

This law says that the new loan (refunding bonds) can be as big as needed to pay off the old loan, including any extra fees, but not the interest that's due. It's like getting a new loan to cover the exact amount you owe on the old one, plus any penalties, but not the interest.