SECTIONS 26480-26484 - California Statutes

GOVERNMENT CODE

SECTION 26480-26484

26480. The proceeds from the sale of all bonds authorized under the
provisions of this chapter shall be paid into the county treasury to
the credit of a bond fund or enterprise fund, one of which the
treasurer is hereby directed to establish for the particular project
for which the bonds were authorized. These moneys shall be disbursed
on the order of the board in the same manner that other moneys are
disbursed from the county treasury solely for the construction of the
particular project for which the bonds were authorized, including
preliminary reports, surveys, preparations, plans and specifications
and for the payment of all other costs and expenses prior to and
during construction, including the acquisition of necessary
rights-of-way, easements, lands and other property of every kind and
description and appurtenances thereto, and the payment of all
expenses, engineering and administrative costs as provided by the
board in the proceedings for the issuance of such bonds.

26481. If any surplus shall exist in a bond fund or enterprise fund
after the payment in full of all costs of acquisition, construction
and completion of the project for which the revenue bonds were
issued, the same may be disbursed for any of the purposes provided
for in this chapter or in any agreement which may be made by the
board in any indenture for the issuance of the revenue bonds.

26482. The board may provide for the payment of the interest
becoming due and payment on the principal of revenue bonds prior to
and during the period of actual construction of the project for which
the bonds are issued and for the period specified in the indenture
for the issuance of the bonds, which period shall not exceed two
years after the completion of construction and for the payment of all
costs and expenses of administration during a period of one year
after the completion of construction of the project out of the bond
fund or enterprise fund as the need therefor may arise and moneys in
the bond fund or enterprise fund are hereby made available for such
purposes.

26483. Moneys in a bond fund or enterprise fund not required to
meet acquisition or constructions costs or expenses payable from the
construction fund or interest on the bonds, may be invested in bonds
and other obligations eligible for investment of surplus county
moneys; subject to such limitations as may be provided in the
proceedings authorizing the issuance of the bonds. Any income or
interest thereon shall be added to and become a part of the bond fund
or enterprise fund.

26484. All revenues received from the operation of the project
acquired, constructed or completed by the board shall be paid into
the county treasury to the credit of either an enterprise fund or a
special revenue fund established for the particular project for which
the bonds were authorized. The moneys shall be utilized for:
(a) Payment of the principal and interest on all bonds issued by
the board for the particular project producing the revenue as and
when the principal and interest become due.
(b) The creation of any reserve provided by the board in the
proceedings for the issuance of the bonds.
(c) The payment of all costs and expenses incurred in connection
with the project.