§ 100610 Refunding Bond Issuance

Public Utilities Code·California

AI SummaryVerified

This law lets the board create new "refunding" bonds to pay off old VTA bonds, and tells how those new bonds can be sold or swapped for the old ones.

Key Takeaways

•The board can issue, sell, or exchange refunding bonds whenever it wants and on whatever terms it chooses.
•Refunding bonds can be big enough to pay all or part of the old bond’s principal, interest, any call premiums, and the costs of the refunding.
•The same rules that apply to regular bond issuance also apply to refunding bonds, except the board decides the exact swap method.

Example

The VTA has old bonds that still owe money. The board decides to issue new refunding bonds, sells them, and uses the money to pay back the old bonds early.

The board can decide the amount, timing, and how the swap works, and can use the new bond money to cover the old bond’s principal, interest, any call premiums, and the costs of doing the swap.

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

Official Source

View on CA.gov

§ 100610 Refunding Bond Issuance

(a) The board may provide for the issuance, sale, or exchange of refunding bonds to redeem or retire any bonds issued by the VTA under this chapter upon the terms, at the times, and in the manner that it determines. Refunding bonds may be issued in a principal amount sufficient to pay all, or any part, of the principal of the outstanding bonds issued under this chapter, the interest thereon, and the premiums, if any, due upon call and redemption thereof prior to maturity and all expenses of the refunding. (b) The provisions of this chapter, for the issuance and sale of bonds apply to the issuance and sale of refunding bonds, except that, when refunding bonds are to be exchanged for outstanding bonds, the method of exchange shall be as determined by the board. (Amended by Stats. 2016, Ch. 381, Sec. 117. (AB 2196) Effective January 1, 2017.)

Last verified: January 11, 2026

Key Terms

refunding bonds VTA board principal amount outstanding bonds

References

Official text at leginfo.legislature.ca.gov
California Legislature. Public Utilities Code. Section 100610.

§ 100610 Refunding Bond Issuance

Public Utilities Code·California

AI SummaryVerified

§ 100610 Refunding Bond Issuance

This law lets the board create new "refunding" bonds to pay off old VTA bonds, and tells how those new bonds can be sold or swapped for the old ones.

Key Takeaways

•The board can issue, sell, or exchange refunding bonds whenever it wants and on whatever terms it chooses.
•Refunding bonds can be big enough to pay all or part of the old bond’s principal, interest, any call premiums, and the costs of the refunding.
•The same rules that apply to regular bond issuance also apply to refunding bonds, except the board decides the exact swap method.

Example

The VTA has old bonds that still owe money. The board decides to issue new refunding bonds, sells them, and uses the money to pay back the old bonds early.

The board can decide the amount, timing, and how the swap works, and can use the new bond money to cover the old bond’s principal, interest, any call premiums, and the costs of doing the swap.

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

Official Source

View on CA.gov

§ 100610 Refunding Bond Issuance

Last verified: January 11, 2026

Key Terms

refunding bonds VTA board principal amount outstanding bonds

References

Official text at leginfo.legislature.ca.gov
California Legislature. Public Utilities Code. Section 100610.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References