California Government Code

§ 53560

GOV § 53560Div. 2 · Title 5 · Part 1 · Ch. 3 · Art. 9

Statute text

Upon the issuance, sale and delivery or exchange of refunding bonds pursuant to this article:

(a)If only the refunding bonds remain outstanding, such refunding bonds shall constitute indebtedness of the local agency issuing such bonds and shall be included in any computation of general obligation indebtedness of such local agency for purposes of any debt limitation applicable to bonds of such local agency under the principal act or for any other lawful purpose;

(b)If both the refunding bonds and the bonds to be refunded remain outstanding for any period of time following the date of the issuance, sale and delivery of the refunding bonds, then until the date on which the bonds to be refunded are no longer outstanding;

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Legislative history

Added by Stats. 1972, Ch. 531.