The proceedings of any local agency authorizing the issuance of bonds shall not require the deposit of any more moneys, obligations, and federal securities as are sufficient, taking into account both the principal amount of the moneys, obligations, and securities and the interest to become due thereon, to implement the refunding of those bonds. Federal securities and the interest thereon shall be used to satisfy any requirement of cash, money, specie, or lawful money in any proceeding conducted by a local agency before September 19, 1975.

(Amended by Stats. 1985, Ch. 1033, Sec. 11. Effective September 27, 1985.)

Terms Used In California Government Code 53582

  • bonds: as used in this article means: bonds as defined in Section 53550, or revenue bonds as defined in Section 53570. See California Government Code 53580
  • federal securities: as used in this article means those securities defined in subdivision (g) of Section 53550 and in subdivision (a) of Section 53651. See California Government Code 53580
  • local agency: means public district, public corporation, authority, agency, board, commission, county, city and county, city, school district, or other public entity or any improvement district or zone thereof. See California Government Code 53580
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