The authority may invest funds held in reserve, or sinking funds, or funds not required for immediate disbursement, in property or securities in which cities may legally invest funds subject to their control. No such investment shall be made in contravention of any covenant or agreement with the holders of any bonds of the authority issued and outstanding.
Cal. Sts. & High. Code § 32808
Powers
Known as the Parking Law
The act spans §§ 32500–33552 (111 sections).
Added by Stats. 1951, Ch. 463.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.