Following the issuance of any refunding bonds pursuant to this article, the treasurer of the local agency shall provide for the payment of principal and interest on the refunding bonds in the same manner as for the bonds being refunded. Payments on the refunding bonds may be made from the “refunding fund” or from the redemption fund established for the bonds being refunded. However, the bonds being refunded shall have a priority claim on funds in the redemption fund.
Cal. Gov. Code § 53364
Bonds
Known as the Mello-Roos Community Facilities Act
The act spans §§ 53311 to 53368.3 (152 sections).
Repealed and added by Stats. 1984, Ch. 269, Sec. 40
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.