Section 13176 Of Article 11. Proceeds From California Public Utilities Code >> Division 6. >> Chapter 6.5. >> Article 11.
13176
. If the board shall determine by resolution that the
expenditure of the whole or any portion of the said principal sum of
any issue of bonds for the purpose for which such bonds were issued
is impracticable or unwise, the board may--
(1) Apply such money or any part thereof to the purchase of bonds
of that issue, or to the payment of any such bonds, at maturity or on
redemption, or to the payment of interest thereon or of premiums due
on the redemption thereof; or
(2) Apply such money or any part thereof to any new purpose which
is within the purposes for which bonds might be issued under the
terms of this chapter; provided, however, that before applying any of
such money to such new purpose the board shall adopt a resolution
specifying such new purpose, the amount of such money to be applied
thereto, and authorizing such application, which resolution shall be
subject to the same procedures, and take final effect only in the
same manner, as if it were a resolution adopted pursuant to Section
13091, authorizing the issuance of bonds for such new purpose, and
such resolution authorizing such application to such new purpose,
when it shall have taken final effect under such procedures, shall be
sufficient authority for the application of such money to such new
purpose.