ARTICLE 5. Refunding [31440. - 31446.]

Cal. Water Code - WAT 5.

in effect

Cal. Water Code - WAT § 31440. Section 31440.

The board may, by resolution, do the following: (a) Submit to the voters a measure to issue new bonds to refund any or all of the district bonds outstanding. (b) Submit to the voters of any improvement district of the district a measure to issue new bonds to refund any improvement district bonds outstanding.

Cal. Water Code - WAT § 31441. Section 31441.

The measure may be voted on at any district election.

Cal. Water Code - WAT § 31442. Section 31442.

The procedure upon the election shall be in accordance, so far as applicable, with the procedure upon an original issue of bonds, except that: (a) No hearing need be held upon the question whether the bond issue will benefit the entire district or only a portion thereof. (b) The vote of a majority of the voters voting upon the measure is sufficient to authorize the issue of refunding bonds.

Cal. Water Code - WAT § 31443. Section 31443.

The refunding bonds shall not bear a higher rate of interest than the bonds to be refunded and may be issued and sold in the manner and form prescribed for an original issue of bonds.

Cal. Water Code - WAT § 31444. Section 31444.

Refunding bonds may, if the holders of bonds of an original issue and the board so agree, be exchanged for original bonds.

Cal. Water Code - WAT § 31445. Section 31445.

The face value of refunding bonds exchanged for original bonds shall not exceed the face value of the original bonds.

Cal. Water Code - WAT § 31446. Section 31446.

The board may raise money by water rates or taxes to pay principal and interest of the refunding bonds in the same manner as prescribed for payment of bonds of an original issue.

Source: CA Legislative Counsel Bulk DataURL: https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zipFetched: 6/27/2026