9055-9061

STREETS AND HIGHWAYS CODE
SECTION 9055-9061




9055.  The legislative body may enter into a written contract or
contracts with the owner or owners of such bonds and provide therein
for the cancellation of the outstanding bonds and coupons and the
issuance of refunding bonds therefor, subject to the provisions of
this division.



9056.  When any bond is presented by any person to the legislative
body for refunding, such person shall be deemed the owner thereof,
and the legislative body may enter into a written contract or
contracts to provide for the refunding of the bond.




9057.  The contract or contracts shall determine the terms and
conditions upon which the outstanding bonds shall be exchanged for
the refunding bonds.


9058.  The bonds to be refunded may be deposited with the city
treasurer or with any duly incorporated bank or trust company doing
business in the State, which shall act as depository or escrow
holder, as may be designated by contract between the city and the
bondholders. The terms of the escrow shall be provided in the
contract.



9059.  The State of California or any city, county, or other
political subdivision or public corporation, owning any bonds which
might be refunded under the provisions of this division may perform
all acts and do all things necessary or convenient for the refunding
of the bonds under this division and may agree that the bonds be
refunded under this division and contract for the refunding.



9060.  The city may at any time prior to the actual issuance and
exchange of the refunding bonds make additional contracts with any
owners of bonds for the surrender and exchange of bonds which are not
agreed to be surrendered under the prior contracts.




9061.  If the owners of 75 percent or more of the principal amount
of the outstanding bonds of any issue join in the contract or
contracts, the city may proceed under this division to refund all of
the bonds of that issue.