California Government Code 38461 – If the land was acquired by money derived from bonds authorized for …
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If the land was acquired by money derived from bonds authorized for park purposes, and the land sold, the reasonable market value of the land at the time of adoption of the ordinance shall be transferred to the bond fund from such other municipal fund as the legislative body determines. If the land was not acquired from bond funds and the land is sold, the proceeds from such sale shall be deposited in the general fund of the city.
(Amended by Stats. 1951, Ch. 729.)
Terms Used In California Government Code 38461
- City: includes "city and county" and "incorporated town" but does not include "unincorporated town" or "village. See California Government Code 20
- legislative body: means board of trustees, city council, or other governing body of a city. See California Government Code 34000