SECTIONS 11830-11832 - California Statutes

WATER CODE

SECTION 11830-11832

11830. The proceedings authorizing the issuance of bonds may
provide for the setting up of a reserve fund or funds out of the
revenues not needed for the payment of operation, maintenance, and
replacements, and not needed for the payment of principal and
interest as they currently mature, and may provide for the
preservation and continuance of such reserve fund or funds in the
manner provided in the proceedings.

11831. Any proceedings authorizing the issuance of bonds and
providing for the setting up of a reserve fund may also require the
immediate application of all surplus money in the revenue fund to the
retirement of such bonds prior to maturity, by call or purchase, in
such manner and upon such terms and the payment of such premiums as
may be deemed advisable in the judgment of the department.

11832. The money remaining in the revenue fund after providing the
amount required for interest and redemption of bonds as provided in
this article shall be held and applied as provided in the proceedings
authorizing the issuance of the bonds.