Money collected upon any assessment upon which bonds have been issued shall be used exclusively for the payment of principal and interest of the bonds issued on the assessment.
Cal. Water Code § 44776
Proceeds of Assessments
Known as the California Water Storage District Law
The act spans §§ 39000–48401 (681 sections).
Added by Stats. 1951, Ch. 391.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.