California Health and Safety Code 5029 – In the ordinance for the issuance of bonds the governing body shall …
In the ordinance for the issuance of bonds the governing body shall provide that the revenues derived from the operation of the works shall be used only for:
(a) The payment or providing for payment, including payments into any reserve or sinking funds, as the same falls due, of the principal of and the interest on the bonds;
Terms Used In California Health and Safety Code 5029
- Bonds: as used in this chapter , means revenue bonds authorized by this chapter. See California Health and Safety Code 4956
- District: as used in this chapter , includes city, county, city and county, or any municipal or public corporation or district which is authorized to acquire, construct, own, or operate a sewer system. See California Health and Safety Code 4951
- Governing body: as used in this chapter , means the governing body of the district. See California Health and Safety Code 4952
- Works: as used in this chapter , includes any or all of the following facilities, including, but not limited to, necessary lands, rights-of-way, or other property:
California Health and Safety Code 4950
(b) The management, maintenance, operation and repair costs of the works.
After provision has been made for the payment of the foregoing, any surplus remaining may be used as follows: (a) for the purchase in the open market of the outstanding unmatured bonds of the district; (b) for extensions, or for the enlargement, replacement or betterment of the works; (c) for any lawful purpose of the district.
(Amended by Stats. 1963, Ch. 1659.)