Section 43776 Of Article 4. Investment Bond Act Of 1909 From California Government Code >> Division 4. >> Title 4. >> Chapter 4. >> Article 4.

. When bonds are acquired at less than their par value, the legislative body may reduce the total principal amount of any issue acquired and held by it to a total principal amount to be fixed by ordinance. The reduced total principal amount of the issue shall not be less at par than the total purchase price of the total principal amount of the issue acquired by the legislative body.