Government Code section 16949

The proceeds of the bonds shall be applied to the funding or refunding of pension obligations, or refunding of bonds previously issued under this chapter, together with all costs of issuing the bonds and refunding pension obligations or prior bonds and the costs of any ancillary obligation. Notwithstanding Section 20822 and 20824, or any other provision of law, the proceeds of the bonds may be applied to the prepayment of pension obligations.

Source: Section 16949, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=GOV§ionNum=16949.­ (updated Aug. 11, 2004; accessed Jun. 30, 2025).

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Verified:
Jun. 30, 2025

§ 16949's source at ca​.gov