§ 26350 Refunding Revenue Bonds

• •The board can issue new bonds to pay off old ones.
• •The rules for issuing new bonds are the same as for the old ones.
• •This helps manage debt by replacing old bonds with new ones.

Imagine you have an old loan for your house with high interest, and you take a new loan with better terms to pay off the old one.

Similarly, the board can issue new bonds (like a new loan) to pay off old bonds (like the old loan), following the same rules as when they first issued the bonds.