§ 36322. — 36322. (Amended by Stats. 1980, Ch. 6, Sec. 11.)

California § 36322.

• Jurisdiction: California
• Code WAT: Water Code - WAT
• Div. 13.: DIVISION 13. CALIFORNIA WATER DISTRICTS
• Part 6.: PART 6. FINANCIAL PROVISIONS
• Ch. 4.: CHAPTER 4. Provisions Relating to Revenue Bonds Only
• Art. 2.: ARTICLE 2. Lien of Bonds

Text

All revenue bonds of the same issue shall, subject to the prior and superior rights of outstanding bonds, claims, or obligations, and notwithstanding anything to the contrary contained in Section 35471, have a prior and paramount lien on the revenue pledged for the payment or redemption thereof and the payment of interest thereon over and ahead of all revenue bonds of any issue which may be subsequently issued and over and ahead of any claims or obligations of any nature against the revenue subsequently arising or subsequently incurred. This section shall not prohibit the district from making provisions, at the time of issuance and sale of revenue bonds, for the subsequent issuance of parity lien bonds.

Legislative History

Amended by Stats. 1980, Ch. 6, Sec. 11. Effective February 4, 1980.