§ 13281 Bond Refunding Authority

Public Utilities Code·California

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Key Takeaways

•The board can decide to pay back old debt with new debt if most of them agree.
•They need at least two-thirds of the board to say yes to this plan.
•This is only done if it helps the district, like saving money.

Example

A school district has old debt from building a school 10 years ago. Interest rates are now lower, so they want to pay off the old debt with a new loan to save money.

The school board votes, and if at least two-thirds agree, they can take out a new loan to pay off the old one. This is only allowed if it helps the district, like paying less interest.

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

Official Source

View on CA.gov

§ 13281 Bond Refunding Authority

Whenever the board by resolution passed by a vote of two-thirds 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. (Enacted by Stats. 1951, Ch. 764.)

Last verified: January 23, 2026

Key Terms

bonded indebtedness refunding bonds two-thirds vote

References

Official text at leginfo.legislature.ca.gov
California Legislature. Public Utilities Code. Section 13281.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References