SECTIONS 25035-25041 - California Statutes

WATER CODE

SECTION 25035-25041

25035. Any district may issue refunding bonds for the purpose of
refunding any or all of the outstanding bonds and warrants of the
district.

25035.5. Notwithstanding any other provision of this division
requiring any election, any district described in Section 20560.1 may
issue refunding bonds for the purpose of refunding any or all of the
outstanding bonds of the district, even if the principal amount of
the refunding bonds is greater than the principal amount of the bonds
being refunded, without the necessity of calling and holding an
election in the district if the issuance of the refunding bonds
results in a reduction in the total remaining interest and principal
payments on bonds of the district. In no event shall the proceeds of
any refunding bonds issued pursuant to this section be used for
purposes other than to refund outstanding bonds of the district or
for purposes other than those for which the refunded bonds were
authorized.

25038. The board shall call an election for the purpose of
authorizing the issuance of the refunding bonds.

25039. Notice of the election shall be given and it shall be held
and its result determined and declared substantially in the manner
provided for a bond election, except that a majority vote only is
required for the authorization of refunding bonds.

25040. Any issue of refunding bonds may in the discretion of the
board mature serially or at one time.

25041. The maturities of refunding bonds shall be fixed by the
board.