Section 13165 Of Article 10. Validity From California Public Utilities Code >> Division 6. >> Chapter 6.5. >> Article 10.

. Bonds shall be deemed to be issued, within the meaning of this article whenever the definitive bonds, or any temporary bonds or interim receipts exchangeable therefor, have been delivered to the purchasers thereof, and the purchase price thereof received, or in the case of bonds to be refunded through exchange, whenever such exchange has been made.