California Government Code

§ 54515

GOV § 54515Div. 2 · Title 5 · Part 1 · Ch. 6 · Art. 6

Statute text

After making allowances for contingencies and error in the estimates, the charges, together with any other funds which under this chapter can legally be, and which are, pledged or otherwise made available for the respective purposes hereinafter set forth, shall be at least sufficient to pay the following amounts in the order set forth:

(a)The interest on and principal of the bonds as they become due and payable.

(b)All payments required for compliance with the resolution authorizing the issuance of the bonds or any other contract with the bondholders, including the creation of sinking and reserve funds.

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Legislative history

Amended by Stats. 1955, Ch. 395.