DIVISION 9. EXPENDITURE LIMITATIONS 7900-7914›PART 1. GENERAL 36501-36525›CHAPTER 2. Sales and Leases 52201-52203›ARTICLE 11. Provisions Applicable to All Refunding Bonds of All Local Agencies 53580-53589.5

§ 53582

California Government Code · 2026-09 edition · updated 2026-09-27 · California

The proceedings of any local agency authorizing the issuance of bonds shall not require the deposit of any more moneys, obligations, and federal securities as are sufficient, taking into account both the principal amount of the moneys, obligations, and securities and the interest to become due thereon, to implement the refunding of those bonds. Federal securities and the interest thereon shall be used to satisfy any requirement of cash, money, specie, or lawful money in any proceeding conducted by a local agency before September 19, 1975.

(Amended by Stats. 1985, Ch. 1033, Sec. 11. Effective September 27, 1985.)

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California Government Code

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