Article 2. Exchange of California Water Code >> Division 15. >> Part 8. >> Chapter 3. >> Article 2.

The board, with the consent of the holders of any or all of the outstanding bonds to be refunded, may direct the county treasurer to deliver to such holders at any time, in exchange therefor, refunding bonds issued pursuant to this chapter, having maturities agreed upon by the board and the holders of the bonds to be refunded.

The aggregate principal amount of the refunding bonds delivered to bond holders shall not exceed the aggregate principal amount of the bonds exchanged therefor.

The bonds delivered to the district in exchange for refunding bonds shall be immediately canceled by the county treasurer.

The outstanding bonds may be refunded pursuant to this article with the consent of the holders thereof at any time before or after their final maturity date.