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2009 California Attorney General Reports and Opinions 1 (2009)

handle is hein.sag/sagca0093 and id is 1 raw text is: TO BE PUBLISHED IN THE OFFICIAL REPORTS

OFFICE OF THE ATTORNEY GENERAL
State of California
EDMUND G. BROWN JR.
Attorney General
OPINION                               No. 06-1102
of                               January 9, 2009
EDMUND G. BROWN JR.
Attorney General
CONSTANCE L. LeLOUIS
Supervising Deputy Attorney General
DANIEL G. STONE
Deputy Attorney General
THE HONORABLE S. JOSEPH SIMITIAN, MEMBER OF THE STATE SENATE,
has requested an opinion on the following questions:
1. When a school district has outstanding voter-approved general obligation bonds,
may the district issue refunding general obligation bonds without further voter approval at
a price or an interest rate that will generate proceeds in excess of the amount needed to retire
the outstanding bonds?
2. May a school district that has issued refunding general obligation bonds without
a vote of the electorate spend proceeds from that bond sale to supplement funding for the
original voter-authorized projects; to fund additional capital projects; or for other purposes
unrelated to paying off the outstanding bonded indebtedness?

06-1102

1I

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