Section 53552 Of Article 9. Refunding Of Bonded Indebtedness Of Local Agencies From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 3. >> Article 9.
53552
. Whenever the legislative body of a local agency determines
that prudent management of the fiscal affairs of the local agency
requires that it issue refunding bonds under the provisions of this
article, it may do so without submitting the question of the issuance
of the refunding bonds to a vote of the qualified electors of the
local agency, unless the legislative body determines to submit the
question to a vote, in which case the election shall be held in
accordance with the principal act pursuant to which the bonds to be
refunded were issued. Refunding bonds shall not be issued if the
total net interest cost to maturity on the refunding bonds plus the
principal amount of the refunding bonds exceeds the total net
interest cost to maturity on the bonds to be refunded plus the
principal amount of the bonds to be refunded, provided that this
limitation shall not apply to bonds issued to refund indebtedness
imposed by subdivision (b) of Section 53550 as a result of the court
decision in Aerospace Corporation v. State Board of Equalization, 218
Cal. App. 3d 1300. Subject to this limitation, the principal amount
of the refunding bonds may be more than, less than, or the same as
the principal amount of the bonds to be refunded.