“Cash-Out Refunding” of General Obligation Bonds

The California Attorney General has opined that without voter approval a school district can refund a general obligation bond it has issued only to reduce the debt service on the bond. In the Attorney General’s view, a district that attempts a refunding for any other purpose without voter approval faces lawsuits to invalidate the refunding bond or to prohibit expenditures of the bond proceeds., search terms: bond, California Attorney General, cash-out refunding, general obligation bond, cash-out.