SECTIONS 13170-13176 - California Statutes

PUBLIC RESOURCES CODE

SECTION 13170-13176

13170. In a fund called the "Resort Improvement District General
Fund," the treasurer shall place and keep the money levied by the
board for that fund.

13171. The proceeds of the sale of revenue bonds or general
obligation bonds or proceeds of special assessments levied by the
board shall be deposited with the treasurer and shall be placed in a
fund to be called the "Resort Improvement District Construction Fund
No. ____" (inserting number).

13172. The money in any construction fund shall be used for the
purpose indicated in the resolution calling the election upon the
question of the issuance of bonds, or for the purpose described in
the resolution of intention in the assessment proceedings, or for
repayment of money borrowed for the purpose of financing the
improvement for which bonds were subsequently issued or the
assessment levied.

13173. The bond moneys may also be used for interest and working
capital for the period of construction and for twelve (12) months
thereafter, and also to pay the costs of their authorization and
issuance including fees for legal, engineering, fiscal, economic or
other service.

13174. Any money in the construction fund determined by resolution
of the board to be in excess of the amounts required for completion
of the improvement authorized may, by the resolution so determining,
be transferred to any other fund of the district and be used for any
lawful purpose.

13175. In a fund called the "Resort Improvement District Bond Fund
____" (inserting series number), the treasurer shall keep money
levied or collected for that fund.

13176. No part of the money belonging in the bond fund may be
transferred to any other fund or be used for any purpose other than
the payment of principal and interest of the bonds of the district,
or for repayment of money borrowed for the purpose of paying the
principal and interest of the bonds of the district, until said bonds
are fully paid, at which time it may be transferred to any other
fund.