§ 19978 Bond Refunding Authorization

Education Code·California

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Key Takeaways

•The government can replace old bonds with new ones to get better terms, like lower interest rates.
•If voters approved the original bonds, they don’t need to vote again for the new ones.
•This is just about managing debt, not borrowing new money for projects.

Example

Imagine you took out a loan to buy a house, but later found a bank offering a lower interest rate.

The government can do the same thing with bonds—swap old ones for new ones to save money, without asking voters again.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 19978 Bond Refunding Authorization

Any bonds issued and sold pursuant to this chapter may be refunded by the issuance of refunding bonds in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 2 of Title 2 of the Government Code. Approval by the electors of the state for the issuance of bonds shall include the approval of the issuance of any bonds issued to refund any bonds originally issued or any previously issued refunding bonds. (Added by Stats. 1988, Ch. 49, Sec. 1. Approved in Proposition 85 at the November 8, 1988, election.)

Last verified: January 23, 2026

Key Terms

bonds refunding bonds Article 6 electors approval

References

Official text at leginfo.legislature.ca.gov
California Legislature. Education Code. Section 19978.

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Key Takeaways

Example

Key Terms

Related Statutes

References