The bonds are special obligations of the local agency and are secured by a pledge of and shall be a charge upon, and shall be payable, as to the principal thereof, interest thereon, and any premiums upon the redemption of any thereof, solely from and secured by a lien upon the gross revenues of the enterprise and such funds as are described in the resolution authorizing the issuance of the bonds.
Cal. Gov. Code § 54420
Provisions Relating to Bonds
Known as the Revenue Bond Law
The act spans §§ 54300 to 54700 (157 sections).
Applied in 1 court decision — leading case Sacramento Municipal Utility District v. Spink (1956)
Most recently applied in Sacramento Municipal Utility District v. Spink (November 1956)
Amended by Stats. 1953, Ch. 526.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.