§ 14073 Bond Refunding Procedures

• •This law allows the government to replace old bonds with new ones.
• •The new bonds must follow the rules in Article 6 of the State General Obligation Bond Law.
• •This was approved by voters in 1988.

Imagine you have an old loan for your house with high interest.

The government can do something similar with its bonds—replace old ones with new ones that might have better terms, just like refinancing a loan.