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HomePublic Utilities CodeDiv. 6Ch. 7Art. 4§ 13286 Refunding Bond Proceeds Use

§ 13286 Refunding Bond Proceeds Use

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

§ 13286 Refunding Bond Proceeds Use

Key Takeaways

  • •Money from selling new bonds can only be used to pay off old bonds.
  • •The old bonds can be bought back or paid off early.
  • •You can't use the money for anything else.

Example

A city sells new bonds to get money.

The city must use that money to pay off its old bonds, not for building parks or fixing roads.

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

Official Source
View on CA.gov

§ 13286 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. (Enacted by Stats. 1951, Ch. 764.)

Last verified: January 23, 2026

Key Terms

refunding bondsbonded indebtednesspar and accrued interestcall price

Related Statutes

  • § 26285 Refunding Bond Proceeds Use
  • § 101319 Refunding Bond Proceeds Use
  • § 13281 Bond Refunding Authority
  • § 13287 Bond Refunding Exchange Rules
  • § 26281 Bond Refunding Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Public Utilities Code. Section 13286.
View Official Source