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Section 59285 Of Article 5.5. Refunding Of Ad Valorem Tax Or Assessment Bonds From California Government Code >> Division 1. >> Title 6. >> Chapter 5. >> Article 5.5.
59285
. Upon the issuance, sale and delivery or exchange of
refunding bonds pursuant to this article, if both the refunding bonds
and the bonds to be refunded remain outstanding for any period of
time following the date of the issuance, sale and delivery of the
refunding bonds, then until the date on which the bonds to be
refunded are no longer outstanding:
(a) If the local agency has met the test of subdivision (a) of Section 59284, the bonds to be refunded shall no longer be considered outstanding in any computation of the general obligation indebtedness of such local agency;
(b) If the local agency has met the test of subdivision (b) of Section 59284, then the bonds to be refunded shall be considered outstanding in any computation of the general obligation bonded indebtedness of such local agency until the date on which the refunded bonds are retired.
(a) If the local agency has met the test of subdivision (a) of Section 59284, the bonds to be refunded shall no longer be considered outstanding in any computation of the general obligation indebtedness of such local agency;
(b) If the local agency has met the test of subdivision (b) of Section 59284, then the bonds to be refunded shall be considered outstanding in any computation of the general obligation bonded indebtedness of such local agency until the date on which the refunded bonds are retired.
