In its discretion the legislative body may provide in the resolution providing for the issuance of the bonds that, the principal, interest, and sums for other security funds shall be paid from the revenues prior to paying the maintenance and operation costs of the enterprise.
Cal. Gov. Code § 54426
Provisions Relating to Bonds
Known as the Revenue Bond Law
The act spans §§ 54300 to 54700 (157 sections).
Amended by Stats. 1963, Ch. 1104.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.