Cal. Gov. Code § 43776

Current through the 2023 Legislative Session.

Section 43776 - Reduced total principal amount at issue

When bonds are acquired at less than their par value, the legislative body may reduce the total principal amount of any issue acquired and held by it to a total principal amount to be fixed by ordinance. The reduced total principal amount of the issue shall not be less at par than the total purchase price of the total principal amount of the issue acquired by the legislative body.

Ca. Gov. Code § 43776

Added by Stats. 1949, Ch. 79.