California Statutes
§ 102508. — 102508. (Added by Stats. 1971, Ch. 1374.)
California·Code PUC Public Utilities Code - PUC·Div. 10. DIVISION 10. TRANSIT DISTRICTS·Part 14. PART 14. SACRAMENTO REGIONAL TRANSIT DISTRICT·Ch. 7. CHAPTER 7. Bonds and Other Evidences of Indebtedness·Art. 1. ARTICLE 1. Authorization and Issuance of General Obligation Bonds
All accrued interest and premiums received on the sale of bonds shall be placed in the fund to be used for the payment of principal of and interest on the bonds and the remainder of the proceeds of the bonds shall be placed in the treasury to the credit of the proper improvement fund and applied exclusively to the purposes for which the debt was incurred (which purposes shall be in conformity with an approved general transit plan or element thereof then in effect); provided, however, that when such purposes have been accomplished, any moneys remaining in such improvement fund (a)
shall be transferred to the fund to be used for the payment of
principal of and interest on the bonds, or (b)
shall be placed in a fund to be used for the purchase of outstanding bonds of the district from t
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California § 102508. (102508. (Added by Stats. 1971, Ch. 1374.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 1971, Ch. 1374.