The bonds are special obligations of the local agency and shall be a charge against and are secured by a lien upon and shall be payable, as to the principal thereof and interest thereon, and any premiums upon the redemption thereof, from the revenues and such funds as are described in the resolution authorizing the issuance of the bonds. If funds and revenues described in the authorizing resolution are insufficient for the payment of interest and principal on the bonds, the local agency, at its discretion, may make such payments from any other funds or revenues that may be legally applied to their payment.

(Added by Stats. 1985, Ch. 320, Sec. 2.)

Terms Used In California Government Code 50665.14

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Local agency: means any county, city, or city and county, including a chartered city, or special district, including a school district. See California Government Code 50665.1
  • Resolution: means a resolution by which a legislative body authorizes the issuance, sale, and delivery of bonds. See California Government Code 50665.1
  • Revenues: include the proceeds of ad valorem taxes on real property levied by, or allocated to, the local agency, and the proceeds of sales and use taxes. See California Government Code 50665.1
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