The bonds and interest thereon shall be paid at the office of the treasurer, who shall keep a fund designated by the name of the bonds, into which he shall place all sums paid him for the principal of the bonds and the interest thereon, together with all penalties thereon, and from which he shall disburse such sums, upon the presentation of proper coupons. Under no circumstances shall the bonds or the interest thereon be paid out of any other fund.
Cal. Sts. & High. Code § 6424
Issuance of Bonds
Known as the Improvement Act
The act spans §§ 5000–6794 (521 sections).
Applied in 2 court decisions — leading case Milford R. Baumgardner and Pearl E. Baumgardner v. Commissioner of Internal Revenue (1957)
Most recently applied in Milford R. Baumgardner and Pearl E. Baumgardner v. Commissioner of Internal Revenue (December 1957)
Added by Stats. 1941, Ch. 79.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.