Cal. Health & Saf. Code § 5029

Current through the 2023 Legislative Session.

Section 5029 - Provision for use of revenues in ordinance for issuance of bonds

In the ordinance for the issuance of bonds the governing body shall provide that the revenues derived from the operation of the works shall be used only for:

(a) The payment or providing for payment, including payments into any reserve or sinking funds, as the same falls due, of the principal of and the interest on the bonds;

(b) The management, maintenance, operation and repair costs of the works.

After provision has been made for the payment of the foregoing, any surplus remaining may be used as follows:

(a) for the purchase in the open market of the outstanding unmatured bonds of the district;

(b) for extensions, or for the enlargement, replacement or betterment of the works;

(c) for any lawful purpose of the district.

Ca. Health and Saf. Code § 5029

Amended by Stats. 1963, Ch. 1659.