SECTIONS 54660-54662 - California Statutes

GOVERNMENT CODE

SECTION 54660-54662

54660. A local agency may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire bonds issued by it
upon the terms, at the times, and in the manner which its legislative
body determines.

54661. All provisions of this chapter applicable to the issuance
and sale of bonds, except the provisions of Article 3, are applicable
to refunding bonds and to their issuance and sale or exchange. No
election shall be required to authorize the issuance of refunding
bonds. The legislative body may provide for their issuance and sale
or exchange by resolution to take effect upon adoption. If the
legislative body determines to sell the refunding bonds or any part
thereof, they shall be offered for sale in the manner provided by
Section 54388.

54662. Funding or refunding bonds may be issued in a principal
amount sufficient to provide funds for the payment of all of the
following:
(a) All bonds to be funded or refunded by them.
(b) All expenses incident to the calling, retiring, or paying of
the outstanding bonds and the issuance of the funding or refunding
bonds, including the difference in amount between the par value of
the funding or refunding bonds and any amount less than that for
which the funding or refunding bonds may be sold.
(c) Interest upon the funding or refunding bonds from the date of
sale to the date of payment of the bonds to be funded or refunded out
of the proceeds of the sale or the date upon which the bonds to be
funded or refunded will be paid pursuant to the call or agreement
with the holders of such bonds.
(d) Any premium necessary in the calling or retiring of the
outstanding bonds and the interest accruing on them to the date of
the call or retirement.