§ 105207. — 105207. (Added by Stats. 2002, Ch. 341, Sec. 4.)

California § 105207.

• Jurisdiction: California
• Code PUC: Public Utilities Code - PUC
• Div. 10.: DIVISION 10. TRANSIT DISTRICTS
• Part 16.: PART 16. SONOMA-MARIN AREA RAIL TRANSIT DISTRICT
• Ch. 6.: CHAPTER 6. Bonds and Other Evidence of Indebtedness
• Art. 1.: ARTICLE 1. Authorization and Issuance of General Obligation Bonds

Text

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; provided, however, that when those purposes have been accomplished any moneys remaining in the 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 time to time in the open market at the prices and in the manner, either at public or private sale or otherwise, as the board may determine. Bonds so purchased shall be canceled immediately.

Legislative History

Added by Stats. 2002, Ch. 341, Sec. 4. Effective January 1, 2003.