Every bond shall recite in substance that the principal of, and interest on, the bond are payable solely from the revenues pledged to the payment of the principal and interest and that the local agency is not obligated to pay the principal or interest except from the pledged revenues.

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

Terms Used In California Government Code 50667

  • 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
  • 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
  Previous section
Next section  
 Article 4 Contents