Cal. Gov. Code § 26397

Current through the 2023 Legislative Session.

Section 26397 - Revenues from operation of project paid into county treasury

All revenues received from the operation of the project acquired, constructed or completed by the board shall be paid into the county treasury to the credit of either an enterprise fund or a special revenue fund established for the particular project for which the bonds were authorized. The moneys shall be utilized for:

(a) Payment of the principal and interest on all bonds issued by the board for the particular project producing the revenue as and when the principal and interest become due.

(b) The creation of any reserve provided by the board in the proceedings for the issuance of the bonds.

(c) The payment of all costs and expenses incurred in connection with the project.

Ca. Gov. Code § 26397

Amended by Stats. 1961, Ch. 396.