Section 9512 Of Article 9. Refunding Bonds From California Water Code >> Division 5. >> Part 5. >> Chapter 6. >> Article 9.

. The resolution ordering refunding of bonds shall designate the numbers, denominations, dates of maturity and aggregate principal amounts of the bonds to be refunded, and shall fix and prescribe the form of the refunding bonds and of the interest coupons attached thereto, and shall fix the rate of interest the bonds shall bear, which rate, however, shall be less than the rate provided in the bonds to be refunded.