Section 59590 Of Article 16. Acquisition And Cancellation Of Bonds Of Nonconsenting Bondholders From California Government Code >> Division 1. >> Title 6. >> Chapter 5. >> Article 16.
59590
. If the holders of one or more of the original bonds do not
enter any proposal or contract with the legislative body to refund
the bonds but the holders of 75 percent or more of the bonds do
contract with the legislative body which conducts the proceedings, it
may refund all of the bonds pursuant to this chapter. In such event,
prior to recording the reassessment, sufficient money to provide
adequately for the retirement or payment of the original bonds of the
nonconsenting holders shall be set aside in the proper fund for that
purpose.