Statute · California Government Code
Cal. Gov't Code § 59285 — Refunding of Ad Valorem Tax or Assessment Bonds
Cal. Gov't Code § 59285
- Type
- Statute
- Source
- California Government Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Upon the issuance, sale and delivery or exchange of refunding bonds pursuant to this article, 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…
Citator
Cal. Gov't Code § 59285 — Refunding of Ad Valorem Tax or Assessment Bonds is in force in the current edition of the Code, and nothing recorded condemns it.
Upon the issuance, sale and delivery or exchange of refunding bonds pursuant to this article, 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:
(a) If the local agency has met the test of subdivision (a) of Section 59284, the bonds to be refunded shall no longer be considered outstanding in any computation of the general obligation indebtedness of such local agency;
(b) If the local agency has met the test of subdivision (b) of Section 59284, then the bonds to be refunded shall be considered outstanding in any computation of the general obligation bonded indebtedness of such local agency until the date on which the refunded bonds are retired.