The principal and interest of the bonds shall be payable:

(a) First, out of the revenue derived from the operation of the project or projects for which the bond proceeds were or are to be used or expended, or any other revenues derived from said project;

Terms Used In California Government Code 6550

  • bonds: means revenue bonds, notes or other evidences of indebtedness. See California Government Code 6540
  • Entity: as used in this article means any agency, board or commission provided for by a joint powers agreement pursuant to Article 1 of this chapter. See California Government Code 6542
  • Indenture: as used in this article means the instrument providing the terms and conditions for the issuance of the revenue bonds, and may be a resolution, order, agreement or other instrument. See California Government Code 6544
  • Project: as used in this article includes buildings, structures, improvements and all facilities appurtenant thereto or provided therefor together with land and offstreet parking facilities necessary therefor to be financed by revenue bonds issued pursuant to this article. See California Government Code 6545

(b) Second, from such other revenues, including existing funds, of the entity as are described or stated as security for the bonds in the indenture in accordance with Section 6549 hereof.

(Amended by Stats. 1957, Ch. 943.)

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