The treasurer shall establish a separate fund for general obligation bonds of the district for each improvement district to which shall be apportioned money properly belonging to such general obligation bond fund. The money in any separate general obligation bond fund shall be used for the payment of bonds of the district for the particular improvement district and interest thereon and until the bonded indebtedness of the district therefor is discharged shall not be used for any other purpose.
Cal. Water Code § 23917
Alternative Provisions for the Formation of Improvement Districts and the Issuance of Bonds Therefor
Known as the Irrigation District Law
The act spans §§ 20500–29978 (1,017 sections).
Added by Stats. 1963, Ch. 580.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.