If the surplus from the proceeds of the bonds exceeds one year’s interest on the bonds, the balance shall be placed in the fund for the payment of the principal of such bonds.
Cal. Sts. & High. Code § 27249
Issuance of District Bonds and Disposition of Surplus Proceeds
Known as the Bridge and Highway District Act
The act spans §§ 27000–27567 (174 sections).
Added by Stats. 1943, Ch. 286.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.