SECTIONS 59560-59562 - California Statutes

GOVERNMENT CODE

SECTION 59560-59562

59560. If the holders of all of the original bonds agree to refund
them as proposed in the refunding proceeding, all new refunding
bonds, all money collected on the reassessments levied in the
refunding proceeding, and any public contributions after payment of
the incidental expenses, shall be paid and delivered to them, in the
amounts and proportions fixed by the proposals or other contract with
bondholders.

59561. Any such proposal or contract may provide such terms of
exchange as are agreed upon by the holder and the legislative body
and may contain terms relating to the time and method of, and
conditions precedent to, performance.

59562. When the new bonds or money is delivered to the bondholders,
they shall concurrently deliver to the legislative body or its
representatives the original bonds which are refunded and all
outstanding unpaid interest coupons, constituting the entire
indebtedness of the district, which shall immediately be canceled.