Section 25035.5 Of Article 1. General Refunding Provisions From California Water Code >> Division 11. >> Part 9. >> Chapter 2. >> Article 1.
25035.5
. Notwithstanding any other provision of this division
requiring any election, any district described in Section 20560.1 may
issue refunding bonds for the purpose of refunding any or all of the
outstanding bonds of the district, even if the principal amount of
the refunding bonds is greater than the principal amount of the bonds
being refunded, without the necessity of calling and holding an
election in the district if the issuance of the refunding bonds
results in a reduction in the total remaining interest and principal
payments on bonds of the district. In no event shall the proceeds of
any refunding bonds issued pursuant to this section be used for
purposes other than to refund outstanding bonds of the district or
for purposes other than those for which the refunded bonds were
authorized.