California § 6939.15. 6939.15. (Added by Stats. 1961, Ch. 1457.)

California Statutes

§ 6939.15. — 6939.15. (Added by Stats. 1961, Ch. 1457.)

California § 6939.15.

JurisdictionCalifornia

Code HNCHarbors and Navigation Code - HNC

Div. 8.DIVISION 8. HARBOR AND PORT DISTRICTS

Part 6.General Provisions

Ch. 4.CHAPTER 4. Bonds

Art. 4.ARTICLE 4. Additional Sacramento-Yolo Port District Bonds

This text of California § 6939.15. (6939.15. (Added by Stats. 1961, Ch. 1457.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Harbors and Navigation Code - HNC Code § 6939.15. (2026).

Text

The board, in and by the ordinance authorizing the issuance of the bonds, shall hypothecate and allocate all of the revenues to be realized from the revenue-producing harbor improvement to be acquired or constructed, improved or extended from the proceeds of the bonds to the payment of both principal and interest.
The allocation and hypothecation is irrevocable until all bonds and the accrued interest thereon are paid.
The allocation and hypothecation shall be made in each case for the exclusive benefit of the bonds to be issued for the purpose of acquiring, constructing, improving or extending the particular revenue-producing harbor improvement, and as additional security for the payment of the principal and interest of the bonds.
But the allocation and hypothecation do not constitute the

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The board, in and by the ordinance authorizing the issuance of the bonds, shall hypothecate and allocate all of the revenues to be realized from the revenue-producing harbor improvement to be acquired or constructed, improved or extended from the proceeds of the bonds to the payment of both principal and interest.
The allocation and hypothecation is irrevocable until all bonds and the accrued interest thereon are paid.
The allocation and hypothecation shall be made in each case for the exclusive benefit of the bonds to be issued for the purpose of acquiring, constructing, improving or extending the particular revenue-producing harbor improvement, and as additional security for the payment of the principal and interest of the bonds.
But the allocation and hypothecation do not constitute the exclusive source of payment. The bonds constitute general obligations of the district and both principal and interest may be paid from any money or sources of revenue of any kind, including taxes, on hand and available for that purpose.