SECTIONS 11720-11723 - California Statutes

WATER CODE

SECTION 11720-11723

11720. Bonds issued under this part shall contain a recital on the
face thereof that the payment or redemption of the bonds and the
payment of interest thereon is secured by a first and direct charge
and lien upon the revenues of any nature whatever received from the
operation of the Central Valley Project for the construction of which
the bonds are issued and that neither the payment of the principal
or any part thereof or any interest thereon constitutes a debt,
liability, or obligation of the State of California.

11721. Bonds issued under this part shall not constitute or be a
debt, liability, or obligation of the State. Payment of both
principal and interest of all such bonds shall be secured only by the
rates, charges, and revenues established or accruing from the use or
operation of the project and shall be made from such revenues or
from such contributions or appropriations as may be made available
under the terms of this part.

11722. All bond redemption and interest payments shall constitute a
first and direct charge and lien on all revenues received from the
operation of the project, on all interest accruing from such
revenues, and on all sinking funds created out of such revenues.

11723. The collection of revenues shall be continued until all
bonds with interest thereon are fully redeemed and paid.