California Law (Last Updated: March 4, 2014) |
Government Code - GOV |
Title 2. GOVERNMENT OF THE STATE OF CALIFORNIA |
Division 4. FISCAL AFFAIRS |
Part 3. STATE BONDS |
Chapter 8. The California Pension Restructuring Bond Act of 2004 |
ARTICLE 2. Issuance of Bonds to Finance the Program |
Section 16949.
Latest version.
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The proceeds of the bonds shall be applied to the funding or refunding of pension obligations, or refunding of bonds previously issued under this chapter, together with all costs of issuing the bonds and refunding pension obligations or prior bonds and the costs of any ancillary obligation. Notwithstanding Sections 20822 and 20824, or any other provision of law, the proceeds of the bonds may be applied to the prepayment of pension obligations.
(Added by Stats. 2004, Ch. 215, Sec. 4. Effective August 11, 2004.)