§ 13282 Refunding Bonds Exemption

Public Utilities Code·California

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Key Takeaways

•Refunding bonds are not considered new debt, so they don’t need voter approval.
•The government can decide to pay back these bonds early if they want.
•The rules for paying back early are set when the bonds are first issued.

Example

Imagine the city took out a loan to build a park and now wants to replace that loan with a better one to save money.

The city doesn’t need to ask voters for permission to do this because it’s not new debt. They can also decide to pay it back early if it makes sense.

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

Official Source

View on CA.gov

§ 13282 Refunding Bonds Exemption

The issuance of refunding bonds shall not be construed as the incurring or increase of an indebtedness within the meaning of this division, and the approval of the voters is not required for the issuance of refunding bonds. The board may provide for the call and redemption of any or all of the bonds on any interest payment date prior to their fixed maturity in the ordinance authorizing the issuance of the refunding bonds. (Enacted by Stats. 1951, Ch. 764.)

Last verified: January 23, 2026

Key Terms

refunding bonds indebtedness voter approval call and redemption

References

Official text at leginfo.legislature.ca.gov
California Legislature. Public Utilities Code. Section 13282.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References