§ 16949 Pension Bond Proceeds Use

Government Code·California

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Key Takeaways

•Money from these bonds can only be used for pension payments or to pay back old bonds.
•The money can also cover the costs of issuing the bonds or managing pension payments.
•Even if other laws say differently, this money can be used to pay pensions early.

Example

A city sells bonds to get money for retirees' pensions.

The money from selling the bonds must go to paying retirees or paying back old bonds. It can't be used for anything else, like fixing roads or schools.

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

Official Source

View on CA.gov

§ 16949 Pension Bond Proceeds Use

The proceeds of the bonds shall be applied to the funding or refunding of pension obligations, or refunding of bonds previously issued under this chapter, together with all costs of issuing the bonds and refunding pension obligations or prior bonds and the costs of any ancillary obligation. Notwithstanding Sections 20822 and 20824, or any other provision of law, the proceeds of the bonds may be applied to the prepayment of pension obligations. (Added by Stats. 2004, Ch. 215, Sec. 4. Effective August 11, 2004.)

Last verified: January 22, 2026

Key Terms

proceeds of the bonds pension obligations refunding prepayment

References

Official text at leginfo.legislature.ca.gov
California Legislature. Government Code. Section 16949.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References