Section 53561 Of Article 9. Refunding Of Bonded Indebtedness Of Local Agencies From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 3. >> Article 9.
53561
. It is hereby declared that it is a public purpose for a
local agency to issue refunding bonds for the purposes set forth in
this article and to invest and reinvest the proceeds thereof, and any
other funds legally available therefor, for the purposes set forth
herein; provided, however, that it is the intent of this article, and
this article shall be so construed, that in no single fiscal year
shall a tax be levied or shall funds of a local agency other than
those expressly permitted herein be used to pay the principal of and
interest and redemption premium, if any, on both the refunding bonds
and on the bonds to be refunded.