SECTIONS 11770-11772 - California Statutes

WATER CODE

SECTION 11770-11772

11770. From the money deposited in the construction fund the State
Treasurer shall transfer to the place or places of payment named in
the bonds the sums required to pay the interest as it becomes due on
all bonds sold and outstanding for the construction of the project
during the period of actual construction and during a period of one
year after completion thereof.

11771. After the periods mentioned in the next preceding section
the Treasurer shall transfer from the revenue fund to the place or
places named in the bonds the sums required to pay the interest on
the bonds and redeem the principal thereof as such interest payments
and bond redemptions fall due for all bonds issued and sold.

11772. All funds transferred for the payment of principal or
interest on bonds shall be segregated and applied solely for the
payment of the principal and interest.