Section 43767 Of Article 4. Investment Bond Act Of 1909 From California Government Code >> Division 4. >> Title 4. >> Chapter 4. >> Article 4.
43767
. The bonds shall not be sold at less than their par value.
They may be exchanged at their par value for the outstanding bonds if
the outstanding bonds are taken in exchange at a price not exceeding
the maximum purchase price stated in the ordinance calling the
election.