Bonds of the same issue shall be equally secured by a pledge, charge, and lien upon the revenues specified in the resolution authorizing the issuance of the bonds, without priority for number, date of bonds, of sale, of execution, or of delivery pursuant to this article and the resolution authorizing the issuance of the bonds; except that any local agency may authorize the issuance of bonds of different series and may provide that the bonds in any series shall, to the extent and in the manner prescribed in the resolution, be subordinated and be junior in standing, with respect to the payment of principal and interest and the security thereof, to such other bonds as may be specified in the resolution.

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

Terms Used In California Government Code 50666.5

  • 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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