Streets and Highways Code - SHC
DIVISION 11. REFUNDING OF BONDS ISSUED UNDER THE “IMPROVEMENT BOND ACT OF 1915” [9000 - 9481]
( Division 11 added by Stats. 1951, Ch. 463. ) CHAPTER 12. Advance Retirement of Bonds [9450 - 9456]
( Chapter 12 added by Stats. 1951, Ch. 463. ) 9453.
If no proposals are received at a price of less than par and accrued interest, or if an insufficient amount of bonds are tendered at less than par and accrued interest to exhaust, as nearly as possible, the money available for purchase of bonds, the treasurer shall set aside a sum sufficient to pay the principal and accrued interest to the next interest payment date of the bonds to be called for redemption and shall proceed to call for redemption, in numerical order, at par and accrued interest to the next interest payment date, such outstanding bonds as can be retired from said funds.
(Added by Stats. 1951, Ch. 463.)