Government Code § 59596

ARTICLE 16. Acquisition and Cancellation of Bonds of Nonconsenting Bondholders

Current as of September 28, 2026Gov. Code, § 59596Official source ↗

Added by Stats. 1951, Ch. 331.

When money is placed in any fund for the retirement or payment of the original bonds of nonconsenting holders it shall be used only for that purpose. After all the original bonds of nonconsenting holders have been paid or retired, any sum remaining in the fund shall be returned to the local agency which advanced it.