Section 59562 Of Article 15. Acquisition And Cancellation Of Bonds Of Consenting Bondholders From California Government Code >> Division 1. >> Title 6. >> Chapter 5. >> Article 15.

. When the new bonds or money is delivered to the bondholders, they shall concurrently deliver to the legislative body or its representatives the original bonds which are refunded and all outstanding unpaid interest coupons, constituting the entire indebtedness of the district, which shall immediately be canceled.