California Government Code

§ 53364.2

GOV § 53364.2 Effective Jan 1, 2008Div. 2 · Title 5 · Part 1 · Ch. 2.5 · Art. 5

Statute text

(a)If further facilities or services are authorized to be financed by the district, savings achieved through the issuance of refunding bonds may be used by the legislative body for those purposes.

(b)If no further facilities or services are authorized to be financed by the district, any savings achieved through the issuance of refunding bonds shall be used by the legislative body to reduce the special taxes levied to retire outstanding bonds.

(c)Savings achieved through the issuance of refunding bonds may be used pursuant to both subdivisions (a) and (b) in proportions determined by the legislative body.

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Legislative history

Amended by Stats. 2007, Ch. 670, Sec. 111. Effective January 1, 2008.