Article 2. Sale And Exchange Of Bonds of California Water Code >> Division 13. >> Part 6. >> Chapter 3. >> Article 2.

The board may order general obligation bonds sold at not less than 90 percent of par value when the board deems it for the best interest of the district to do so.

General obligation bonds may be exchanged dollar for dollar for bonds of the State.

Bonds of the State that may be received for general obligation bonds shall be placed to the credit of the district to be sold as the board may direct, for not less than par value.