California Public Utilities Code

§ 30638.2

PUC § 30638.2Div. 10 · Part 3 · Ch. 5 · Art. 5

Statute text

Notwithstanding Section 30638, all net income from fees, charges, rents, profits, or other net income arising from joint development of the property of the district which was acquired exclusively for the rail rapid transit system shall be used only for the following purposes:

(a)Pay the capital and operating expenses of the rail rapid transit system.

(b)Provide for the payment of interest and principal of the bonded debt for the rail rapid transit system, subject to the applicable provisions of this part authorizing the issuance and retirement of bonds.

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Legislative history

Added by Stats. 1983, Ch. 497, Sec. 11.5.