The board shall call an election for the purpose of authorizing the modification of a refunding plan.
Refunding BondsAuthorized Refunding Modification
Section § 25091
This law states that a board must hold an election to allow changes to a refunding plan. Essentially, before any modifications can be made to how existing debt is managed or restructured, the board needs approval through an election.
refunding plan election modification
Section § 25092
This law explains that when there's an election to decide on a modification, it should follow the same process as a bond election. However, unlike a bond election that might require a higher threshold, only a simple majority vote is needed for the modification to be approved.
Notice of the election shall be given and it shall be held and its result determined and declared substantially in the same manner as a bond election, except that a majority vote only is required for the approval of the modification.
election notice bond election process majority vote requirement
