SECTIONS 50793-50797 - California Statutes

GOVERNMENT CODE

SECTION 50793-50797

50793. The proceeds from the sale of all bonds authorized under the
provisions of this chapter shall be paid into the treasury of the
local agency to the credit of the construction fund which the
treasurer is hereby directed to establish for the particular project
for which the bonds were authorized. The moneys in the construction
fund shall be kept separate and apart from all other funds in the
treasury of the local agency and shall be paid out and disbursed on
the order of the board in the same manner that other funds are paid
out and disbursed from the treasury of the local agency 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.

50794. If any surplus shall exist in the construction 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 paid out and 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.

50795. 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
construction fund as the need therefor may arise and moneys in the
construction fund are hereby made available for such purposes.

50796. Moneys in the construction fund not required to meet
acquisition or construction 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
construction fund.

50797. All revenues received from the operation of the project
acquired, constructed or completed by the board shall be paid into
the treasury of the local agency to the credit of the revenue fund
which the treasurer is hereby directed to establish for the
particular project for which the bonds were authorized. The moneys in
the revenue fund shall be paid out and disbursed for the payment of
the principal and interest on all bonds issued by the board for the
particular project producing the revenue as and when such principal
and interest shall become due and for the creation of any reserve
fund or other special fund provided by the board in the proceedings
for the issuance of said bonds and also for the payment of all costs
and expenses for the maintenance, operation and insurance of the
project, engineering and administrative costs and for all repairs and
replacements and other costs and expenses incurred in connection
with such project.