Bond Government code

Government Code 53509(b)REFUNDING BONDS SHALL NOT BE ISSUED IF THE TOTAL NET INTEREST COST TO MATURITY ON THE REFUNDING BONDS PLUS THE PRINCIPAL AMOUNT OF THE REFUNDING BONDS EXCEEDS THE NET INTEREST COST TO MATURITY ON THE BONDS TO BE REFUNDED PLUS THE PRINCIPAL AMOUNT OF THE BONDS TO BE REFUNDED. SUBJECT TO THAT LIMITATION, THE PRINCIPAL AMOUNT OF THE REFUNDING BONDS MAY BE MORE THAN, LESS THAN, OR THE SAME AS THE PRINCIPAL AMOUNT OF THE BONDS TO BE REFUNDED.

Government Code 53508.3(a)NO BOND SHALL BE SUBJECT TO MANDATORY TENDER FOR PURCHASE OR REDEMPTION PRIOR TO ITS FIXED MATURITY DATE UNLESS IT CONTAINS A RECITAL TO THAT EFFECT.(b) ANY BOND PROTECTED BY ITS TERMS OR BY THE TERMS OF THIS SECTION FROM MANDATORY TRNDER FOR PURCHASE OR REDEMPTION PRIOR TO ITS FIXED MATURITY DATE OR FOR A SPECIFIED PERIOD OF TIME AFTER ISSUANCE, MAY SPECIFY TERMS UPON WHICH THE ISSUER MAY SELL OR TRANSFER ITS RIGHT TO REQUIRE THE BOND TO BE TRNDERED FOR PURCHASE OR REDEMPTION PRIOR TO ITS FIXED MATURITY DATE.