The money in the reserve fund shall be used to pay the installments of principal and interest of any outstanding bonds secured by the assessment when the amount in the bond fund is insufficient to meet such installments on any January 1st or July 1st, as the case may be.
Cal. Water Code § 52851
Creation of Reserve Fund Pursuant to Agreement With the United States
Added by Stats. 1951, Ch. 336.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.