The governing body may issue and sell the bonds at not less than their par value. The proceeds of the sale shall be placed in the city treasury to the credit of the proper improvement district fund and shall be applied exclusively to the purposes and objects specified in the resolution calling the election.
Cal. Health & Safety Code § 4623
Issuance of Bonds
Known as the Community Facilities Law
The act spans §§ 4600 to 4650 (55 sections).
Amended by Stats. 1965, Ch. 828.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.