This law allows the board of a district to issue new bonds, called refunding bonds, to pay off any existing bonds the district still owes money on.

This section explains that the board must decide how much of the existing debt from bonds needs to be replaced. They set a limit on how much new bond debt can be issued, the maximum interest rate for these new bonds (which can't be higher than the interest on the old bonds), and how long these new bonds will last, with a maximum duration of 30 years.

This law requires the board to organize an election where voters in the district will decide if refunding bonds should be issued.

This law specifies that when planning an election related to issuing refunding bonds, a resolution must set the election date, create voting precincts, and choose polling places. It also requires appointing officials like an inspector, judge, and clerk for each precinct. Additionally, the hours when the polls will be open and the voting process for and against the bond issuance must be established.

This law states that if something isn't covered in this article about how an election should be held, then the rules found in Chapter 4 of Part 2 of the same division will apply. Essentially, it points to another set of rules to fill in any gaps.

This law requires that a resolution about an election must be published in a widely read newspaper within the county, as per a specific government code section. The final publication must occur at least a week before the election. No additional notice about the election is necessary.

If more than half of the votes support issuing refunding bonds in an election, the board can issue these bonds. However, the total amount can't exceed what's specified. The district will pay them off using its funds as described in another section.

This section explains that the board is responsible for deciding the specifics of refunding bonds, such as their form, maturity date, and interest rates. It also specifies that these bonds and any attached interest coupons must be signed according to certain guidelines outlined in another part of the law.

This law section explains that refunding bonds can be swapped for existing bonds at their face value, or less, based on terms agreed by the board and bondholders. If there's a need to adjust for interest that has accrued until the exchange date, the necessary funds can come from the district's resources.

This law allows a board to sell new bonds for cash instead of exchanging them for existing ones. These new bonds can’t be sold for less than their face value (par) plus any interest that has built up (accrued interest). The cash from selling these new bonds can be used to buy back or retire existing bonds, as long as the terms are agreed upon by both the board and the bondholders, and don't exceed par value and accrued interest.

When bonds are refunded, both the bonds and their interest coupons must be canceled right away by the county treasurer. The costs of the refunding process can be covered using any of the district's funds.

This law section explains how taxes should be levied to pay for refunding bonds, which are essentially new bonds issued to replace old ones. If the original bonds were funded using taxes on land, then the new refunding bonds should also use taxes on land for repayment.