§ 4.107.880. Refunding bonds—Use of savings—Reduction of tax levy.

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At the time the board makes a determination to issue the refunding bonds, it shall determine the disposition of any savings achieved through the issuance of refunding bonds, by causing to be made reductions in the annual tax in the district, which reduction shall be made on a pro rata basis, or by using funds for authorized facilities or services, or for any other purpose permitted under this law.

(Ord. 6471 § 2 (part), 1992)

                    
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