California Government Code

§ 16780

GOV § 16780 Effective Jan 1, 2010Div. 4 · Title 2 · Part 3 · Ch. 4 · Art. 6

Statute text

(a)The committee may provide for the issuance and sale or exchange of refunding bonds for the purpose of redeeming, retiring, or purchasing for retirement, outstanding bonds at or before their maturity, if the committee determines that refunding is necessary or advisable in order to do either of the following:

(1)To effect a favorable reorganization of the debt structure of the state.

(2)To effect a saving in debt service cost to the state, as measured by the present value of that saving.

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Legislative history

Amended by Stats. 2009, Ch. 205, Sec. 14. (SB 826) Effective January 1, 2010.