§ 11781 Bond Purchase Surplus Handling

Water Code·California

AI SummaryVerified

This law says that if the government can't buy back bonds at a good price and the bonds can't be paid off early, any extra money must go into a special fund to pay back the bonds later.

Key Takeaways

•If bonds can't be bought back at a good price, extra money goes into a special fund.
•This fund is only used to pay back the bonds when they are due.
•The law makes sure extra money is saved for paying back bonds.

Example

Imagine the government has extra money and wants to pay off some bonds early, but the bonds can't be paid off yet and the price to buy them back is too high.

The extra money has to go into a special fund that will be used to pay back the bonds when they are due.

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

Official Source

View on CA.gov

§ 11781 Bond Purchase Surplus Handling

In the event the bonds cannot be purchased at a price satisfactory to the department and are not by their terms callable prior to maturity such surplus shall be paid into the fund applicable to the payment of principal and interest of the bonds and shall be used for that purpose. (Amended by Stats. 1957, Ch. 1932.)

Last verified: January 11, 2026

Key Terms

bonds surplus principal and interest callable prior to maturity

References

Official text at leginfo.legislature.ca.gov
California Legislature. Water Code. Section 11781.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References