Section 55581 Of Article 3. Refunding Bonds From California Water Code >> Division 16. >> Part 4. >> Chapter 2. >> Article 3.

. The board shall by resolution determine the amount of the outstanding bonds to be refunded, fix the maximum amount of refunding bonds to be issued, the maximum rate of interest to be paid (which shall not exceed the rate of interest on the bonds to be refunded), and the number of years, not exceeding 30, that the refunding bonds or any part thereof are to run.