Section 53571 Of Article 10. Refunding Of Revenue Bonds Of Local Agencies From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 3. >> Article 10.
53571
. It is hereby declared that it is a public purpose for a
local agency to issue bonds for the purpose of refunding any revenue
bonds of the local agency or any revenue bonds of a member of the
local agency pursuant to Article 11 (commencing with Section 53580),
whether due or not due, or that have or that may hereafter become
payable at the option of the local agency, by consent of the
bondholders, or by any lawful means.
Any refunding bonds may be outstanding at the same time as the
revenue bonds for which the refunding bonds are issued, subject to
any contractual limitations created in the proceedings for the
issuance of the revenue bonds, and may be on a parity with, or
subordinate to, the revenue bonds.
The refunding bonds may be issued pursuant to Article 11
(commencing with Section 53580) or under any applicable revenue bond
law, including, but not limited to, the Revenue Bond Law of 1941
(Chapter 6 (commencing with Section 54300)), the Parking Law of 1949
(Part 2 (commencing with Section 32500) of Division 18 of the Streets
and Highways Code), the Parking District Law of 1951 (Part 4
(commencing with Section 35100) of Division 18 of the Streets and
Highways Code), the joint exercise of powers provisions contained in
Article 1 (commencing with Section 6500) and Article 2 (commencing
with Section 6540) of Chapter 5 of Division 7 of Title 1, and the
Community Redevelopment Law (Part 1 (commencing with Section 33000)
of Division 24 of the Health and Safety Code), and shall be deemed
issued for a valid public purpose and a proper bond purpose under
Article 11 (commencing with Section 53580) or the applicable revenue
bond law, and interest upon the refunding bonds or the bonds to be
refunded from the date thereof to the date of payment of the bonds to
be refunded or the date upon which the bonds to be refunded will be
paid pursuant to call or agreement with the holders of the bonds may
be paid from the proceeds of the refunding bonds or the investment of
the proceeds.