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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