§ 132310. — 132310. (Added by Stats. 1985, Ch. 1576, Sec. 23.)

California § 132310.

• Jurisdiction: California
• Code PUC: Public Utilities Code - PUC
• Div. 12.7.: DIVISION 12.7. COUNTY AND REGIONAL TRANSPORTATION COMMISSIONS
• Ch. 2.: CHAPTER 2. San Diego County Regional Transportation Commission
• Art. 5.: ARTICLE 5. Transactions and Use Tax

Text

(a)
The bonds authorized by the voters concurrently with the approval of the retail transactions and use tax may be issued by the commission at any time, and from time to time, payable from the proceeds of the tax. The bonds shall be referred to as “limited tax bonds.” The bonds may be secured by a pledge of revenues from the proceeds of the tax.
(b)
The pledge of retail transactions and use taxes to the limited tax bonds authorized under this article shall have priority over the use of any of the taxes for “pay-as-you-go” financing, except to the extent that the priority is expressly restricted in the resolution authorizing the issuance of the bonds.

Legislative History

Added by Stats. 1985, Ch. 1576, Sec. 23.