The proceeds of any bond, note, or other security issued pursuant to this chapter, or the proceeds of any bond, note, or other security issued pursuant to any other authority where revenue collected pursuant to this chapter is pledged or otherwise committed to pay or repay principal, interest, or both, shall be deposited or invested only in one or more of the instruments, securities, or obligations that are eligible legal investments of the local agency.
Cal. Gov. Code § 53356.03
Bonds
Known as the Mello-Roos Community Facilities Act
The act spans §§ 53311 to 53368.3 (152 sections).
Amended by Stats. 1997, Ch. 204, Sec. 1
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.